DNP Green Tech Raises $12M

DNP Green Technology has completed a $12m equity funding from a syndicate led by Sofinnova Partners and including Mitsui & Co. Venture Partners, Samsung Ventures Investment Corporation, the Cliffton Group and old investor AquaRIMCO.
DNP Green is a late stage bio-materials company that will begin selling bio-based succinic acid in 2009 through its Bioamber joint venture with ARD. Bioamber’s plant, built at a cost of $27m, will produce bio-based succinic acid at a commercial scale, with an initial annual production capacity of 5,000,000 lbs.
The company has offices in Princeton N. J. and Montreal, and a joint venture with ARD in Pomacle, France.

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