A Japan-based beverage company is investing millions of dollars into one company looking at new ways to create chemicals used to make plastics.
Suntory Holdings Ltd. is adding $9 million to a previous investment in Anellotech Inc. of Pearl River, N.Y., which seeks to produce renewable chemicals and fuels from non-food biomass such as wood.
This brings Suntory's investment into Anellotech to more than $25 million dating back to 2012.
Anellotech wants to produce benzene, toluene and xylenes that could then be used to make polyester, nylon, polycarbonate and polystyrene, the company said. The company recently commissioned a pilot plant.
Suntory now uses 30 percent plant-derived materials for some brands and would like to eventually uses a 100-percent bio-based PET bottle, Anellotech said.
"With its continued investment in Anellotech's technology, and together with our development partners, we will demonstrate a scalable and cost-effective route to bio-paraxylene production," said Anellotech CEO David Sudolsky in a statement.
Suntory made news a few years ago when it purchased the company that makes Jim Beam whiskey.