Date: Oct 28, 2011 Author: James M. Connolly Source: bizjournals (
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James M. Connolly
Reporter- Boston Business Journal
Plastics developer Novomer Inc. has raised $10 million in an equity round as it works to commercialize technology that would use feedstocks to produce plastic-like materials, according to a filing with the U.S. Securities and Exchange Commission.
Waltham-based Novomer says that its technology will allow chemical feedstocks to be combined with carbon dioxide or carbon monoxide to produce sustainable chemicals and materials. The materials can sequester the CO2 and CO for the life of the product, mitigating global warming and climate change, according to the company.
The company has been backed by Flagship Ventures of Cambridge, OVP Venture Partners of Seattle, Physic Ventures of San Francisco, DSM Venturing of The Netherlands and Kensa Group LLC of Ithaca, N.Y.
In 2009, Novomer reported a $14 million equity round. That funding came a year after the firm announced the hiring of CEO James Mahoney and relocated to Boston from Ithaca where it launched with technology from Cornell University.
The company also has received several grants from federal and state agencies, including an $18.4 million grant from the U.S. Department of Energy in 2010.
