Cemvita secures funding from OLCV to advance low-carbon technology
Houston-based biotechnology startup Cemvita Factory has entered into an investment agreement with Occidental subsidiary Oxy Low Carbon Ventures (OLCV) to advance the development of innovative low-carbon technology.
The investment will help Cemvita Factory develop new bio-engineered pathways that use CO2 as feedstock for sustainable intermediate chemicals and polymers production.
Richard Jackson – president of OLCV said: “One of OLCV’s strategic priorities is to develop and commercialize CO2 utilization technologies that complement Occidental’s core businesses and product lines, with the goal of helping Occidental find value in new markets and attain its aspiration of becoming carbon neutral.
“Cemvita Factory’s CO2 utilization platform has the potential to harness the power of nature and create new, sustainable pathways for the bio-manufacturing of our products.”
Using CO2 as a feedstock, Cemvita Factory’s bio-manufacturing platform will leverage the biomimicry of natural processes to turn industrial chemicals and polymer production into a low carbon activity.
Moji Karimi – co-founder and CEO of Cemvita Factory said: “With the investment received from Oxy Low Carbon Ventures, we plan to demonstrate that our technology can economically scale from test tube to the field.”
OLCV capitalizes on Occidental’s global strategy of carbon dioxide enhanced oil recovery (CO2-EOR) by developing carbon capture, utilization, and storage (CCUS) projects and encourages new technologies that offer cost efficiencies and economically grow Occidental’s business while reducing carbon emissions.