Verdezyne Formalizes $48 Million Financing at Signing Ceremony Attended by President Obama

published: 2014-04-29 14:36 | editor: | category: News

Verdezyne, Inc., a biotechnology company focused on producing renewable chemicals, has negotiated key terms for an investment of $48 million led by Malaysian multinational conglomerate, Sime Darby Berhad. The initiative was launched in a ceremony on Monday, April 28, at the Ritz-Carlton in Kuala Lumpur, Malaysia, attended by United States President Barack Obama, Malaysian Prime Minister Dato' Sri Najib Razak, Verdezyne President and CEO E. William Radany, Ph.D., and Sime Darby Berhad President and Group Chief Executive, Tan Sri Dato’ Seri Mohd Bakke Salleh.

“It is an honor and a true privilege that both President Barack Obama and Prime Minister Najib Razak chose to attend our signing ceremony today,” commented Dr. Radany. “It speaks to the significance of this agreement for the renewable chemicals space and to strengthening ties between the U.S. and Malaysia. Moreover, it highlights the important environmental and geo-political benefits of replacing petroleum-derived materials with renewable sources.”

Radany additionally stated Verdezyne’s brief history of being assisted by Malaysian Biotechnology Corporation and its efforts on researching the oil palm industry. He also believes that Sime Darby is the perfect partner to help lead the revolution in renewable products in the U.S., Malaysia and beyond.

The funds will be used to accelerate Verdezyne’s technology development in the U.S., and support various collaborative projects with Sime Darby’s newly-formed business unit, Sime Darby Renewables. This $48 million financing for Verdezyne was joined by existing investors BP Alternative Energy Ventures, DSM Venturing B.V., OVP Venture Partners, and Monitor Ventures.

“We see this investment as symbolic of stronger business ties between the U.S. and Malaysia, and the beginning of a long-term partnership with Verdezyne. Sime Darby’s investment will accelerate the development of Verdezyne’s technology and create opportunities to leverage our sustainable palm based materials into higher-value downstream renewable products,” commented Tan Sri Mohd Bakke.

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