Materia, a catalyst technology company, last week announced the creation of Elevance Renewable Sciences, with more than $40 million in independent financing. Elevance is a new specialty chemical company that uses renewable oils to create commercial-grade waxes, and eventually lubricants and additives.
Led by investments from TPG Star L.P., and TPG Biotechnology Partners II, L.P., Elevance secured more than $40 million in venture capital. It emerged from a collaboration between Pasadena, Calif.-based Materia and Minneapolis-based Cargill that started in 2004 with a $1.8 million grant from the U.S. Department of Energy. Cargill and Materia will remain involved as commercial partners as well as investors.