Elevance Renewable Sciences, Inc., a Bolingbrook, IL-based producer of high performance ingredients for use in personal care products, detergents, lubricants and other specialty chemicals and fuel markets from renewable feedstocks, has raised $100m in its Series C financing round.
The round was led by Naxos Capital Partners, with participation from Total Energy Ventures International, TPG Biotech and TPG Growth.
Elevance intends to use the funds to expand and create biorefineries in Asia, North and South America.
Formed in 2007 and led by CEO K’Lynne Johnson, in 2010 the company closed a joint venture with Wilmar International to build a biorefinery in Indonesia, and a joint development agreement with Stepan Company to commercialize novel surfactants and antimicrobials.
Elevance also counts Cargill Inc., Dow Corning Corporation, Trent University, Tetramer Technologies, United Soybean Board and SaskCanola among its strategic partners.