Novomer, a Waltham, Massachusetts-based materials company commercializing a family of sustainable polymers and other chemicals, received an equity Investment of undisclosed amount.
Backers included Saudi Aramco Energy Ventures and existing investors.
The company intends to use the funds for ongoing development of its technology platforms as well as construction of a market development plant to manufacture CO2–based polyols and the enhancement of its sales and marketing organization.
Led by Jim Mahoney, CEO, Novomer is an emerging sustainable chemistry company developing a family of high performance, environmentally responsible polymers and chemical intermediates. The company has developed two platform chemical technologies based on proprietary catalysts that facilitate the transformation of carbon dioxide (CO2) and carbon monoxide (CO), together with propylene oxide (PO) or ethylene oxide (EO), into industrial products: polyols and chemical intermediates, including acrylic acid.