Solugen, a biotech startup based in Houston, Texas, has raised $200 million in a Series D funding round to boost its unique process of producing carbon-free chemicals.
The chemical sector is one of the building blocks of industry anywhere, which makes its decarbonization critical to reducing emissions and meeting climate goals.
Solugen has come up with technology that uses enzymes found in nature instead of fossil fuels to produce chemicals used in our everyday lives.
The result is cheaper and cleaner chemicals that are made faster and without contributing to the climate crisis.
The biotech startup has a factory in its hometown of Houston that has been operational for a year now, proving this sustainable and eco-friendly way of going about chemistry a success.
Today, Solugen runs a nearly 9-figure business manufacturing and selling both commodity and specialty chemicals to top tier customers, some of which are fortune 100 tech firms, and is headed full steam towards its goal of removing 10 million tons of CO2 emissions from the air.
Last year, the company raised $300 million to build said factory called Bioforge and the recent funding of $200 million increases its valuation to over $2 billion.
The latest funding round will help Solugen begin construction on the next plant and start developing another 3 facilities in the US and across from its borders.