Total Invests in Renewable Oils Conversion Start-up
December 21, 2010
Total announced Tuesday that it has acquired an interest in Elevance Renewables Sciences Inc., a Chicago-based company developing an innovative technology to convert renewable oils, such as vegetable oils, into low-cost and high-value performance chemicals. This innovative process is based upon olefin metathesis, a Nobel Prize-winning technology.
This investment is part of Total's strategy for energy diversification, in particular by supporting the development of innovative start-ups through its Corporate Venture Activity.
Created in 2007, Elevance develops products that are aimed at serving numerous markets, including lubricants, fuels, personal care products, detergents and other specialty chemicals markets.
Elevance is already building its first facility in Indonesia, in joint venture with Wilmar International, in order to implement its technology at industrial scale.
Total's investment in Elevance is part of a capital increase in which other investors have also participated and that will further support the ongoing development of the company, in particular to build additional facilities. Total will have a seat on Elevance's Board of Directors.
Total Energy Ventures investments supports the development of companies with innovative technologies and business models in areas such as alternative and renewable energies, efficient use of energy and natural resources, waste management and greenhouse gas reduction, etc. that will help meet the challenges of energy diversification. The investments primarily consist of acquiring minority interests in selected companies during capital increases to help finance their development.
Source: Total S.A.
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