Verdezyne Secures $48 Million Investment
On April 28, 2014, Verdezyne, a privately held industrial biotechnology company focused on producing renewable chemicals, announced that it has negotiated key terms for a $48 million investment led by Malaysian multinational conglomerate Sime Darby Berhad that includes investors BP Alternative Energy Ventures, DSM Venturing B.V., OVP Venture Partners, and Monitor Ventures. Wilson Sonsini Goodrich & Rosati advised Verdezyne in the matter.
The initiative was launched in a ceremony on April 28, 2014, at the Ritz-Carlton in Kuala Lumpur in Malaysia that was attended by U.S. President Barack Obama and Malaysian Prime Minister Dato' Sri Najib Razak, among others.
The investment 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.
For more information, please see Verdezyne's press release.