Materials technology firm Novomer Inc. has won $14 million in funding from venture capital firm OVP Venture Partners.
In an Aug. 19 news release, officials with Waltham, Mass.-based Novomer and Kirkland, Wash.-based OVP said that the investment will be used to accelerate growth as [Novomer] prepares for broad commercialization. Novomer late last year made its first commercial sale of a poly- propylene carbonate resin developed by the firm.
PPC is produced by combining propylene oxide with carbon di- oxide or carbon monoxide. Officials have said PPC uses 50 percent less fossil fuels than standard plastics. Potential PPC markets include coatings, surfactants, flexible packaging and fibers.
We believe that Novomer technologies ... are truly innovative and economically efficient ways to transform pollution into high-performance materials that address huge global markets, OVP managing director Carl Weissman said in the release.
The OVP investment is the largest in Novomer's five-year history. Previously, a total of $7 million had been provided by several firms including DSM Venturing, a unit of plastics and chemicals maker Royal DSM NV of Heerlen, the Netherlands.
Our investors have recognized the world-class science that has produced such practical, yet powerful innovations, Novomer CEO Jim Mahoney said in the release.
Novomer's PPC technology was developed by researchers at Cornell University in Ithaca, N.Y. Some of those researchers have invested in the firm, which maintains a research lab in Ithaca.
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