KING OF PRUSSIA, Pa., Dec. 3, 2012 -- Renmatix, the leading manufacturer of biobased sugar intermediates for global chemical and fuel markets, has received the Platts Global Energy Award for Sustainable Innovation. Over the past 14 years the Global Energy Awards have honored and recognized those who have transcended the status quo in the name of excellence in leadership, innovation and performance in the energy industry. Renmatix's proprietary Plantrose™ process, which uses supercritical water to convert cellulosic biomass into cost-effective cellulosic sugars, was selected for its ingenuity, technical viability and progress towards commercialization.
"Renmatix's role is that of an enabler-we are leading the transition from petroleum-dependent products to biobased alternatives," remarked Mike Hamilton, Renmatix CEO. "This has been a tremendous year of growth for Renmatix, and receiving Platts' acknowledgment further validates our supercritical water-based technology and its disruptive role in unlocking sustainable feedstocks to meet the world's growing demand for affordable, stably priced, renewable materials."
Mark Schweiker, Renmatix SVP, was on hand to accept the award in New York at the Global Energy Awards ceremony attended by more than 500 international energy and chemical professionals. The program honors outstanding achievement in the energy industry, recognizing corporate and individual performance. Renmatix and the other 2012 award recipients, including Royal Dutch Shell, PTT Global Chemical Company and Anadarko Petroleum, were selected from more than 200 nominations representing more than 25 countries.
The Platts recognition falls on the heels of Renmatix being awarded the 2012 IChemE Bioprocessing Award on November 1. The IChemE (Institution of Chemical Engineers) Annual Awards recognize excellence and innovation in chemical and process engineering. IChemE is the hub for chemical, biochemical and process engineering professionals worldwide.
In the last 12 months, Renmatix has raised $75M in Series C funding led by the world's largest chemical company BASF with participation from Waste Management and global venture investors. The company signed a joint development agreement (JDA) with Waste Management to explore the viability of using Renmatix's Plantrose process to produce industrial sugars from post-consumer urban waste. To support additional feedstock analysis and qualification, the company expanded its headquarters in Philadelphia, opening a world-class research and development facility in September.
In October, Renmatix signed a Memorandum of Understanding (MOU) in Moscow with the State Corporation 'Bank for Development and Foreign Economic Affairs' (Vnesheconombank, VEB) and venture capital firm Bright Capital. The MOU provides for potential investment of up to approximately $750 million USD in debt financing from VEB for collaborative projects utilizing Renmatix's Plantrose process to address opportunities in Russia's growing biochemical and biofuels industries.