A Bolingbrook startup, Elevance Renewable Sciences Inc., has raised $100 million to help it complete what it says will be the world’s largest biorefinery, in Indonesia. The specialty-chemical company will also use its latest cash infusion to fund construction of a U.S. biorefinery, said CEO K’Lynne Johnson, a former chemicals executive with BP PLC.<\/b><\/p>\n
Elevance began as a 2007 spinoff of agribusiness giant Cargill Inc. of Wayzata, Minn., with $40 million in cash and technology from Cargill, private-equity firm TPG Capital and Materia Inc., a Pasadena, Calif.-based refinery-tech outfit.<\/p>\n
Elevance makes ingredients used in manufacturing personal care products, detergents, lubricants and other specialty chemicals, and fuel from renewable foodstocks.<\/p>\n
The $100 million came from two units of Ft. Worth, Texas-based TPG, as well as Luxembourg-based Naxos Capital Partners and Total Energy Ventures International, the venture-capital arm of the French oil company Total S.A..<\/p>\n
The Indonesian plant, a 50-50 venture with Wilmar International, is scheduled to begin production by the end of 2011, with plans to double output a few years later, Ms. Johnson said. Its initial annual capacity would be 50 million gallons of chemicals made from foodstocks such as palm, soy and rapeseed oils.<\/p>\n
The price tag ranges between $30 million and $80 million.<\/p>\n
Elevance employs 63 people, mostly in its southwest suburban headquarters.<\/p>\n