National

Pro Rata

Axios Pro Rata

Solugen, a Houston-based developer of plant-derived chemicals, raised $350 million in Series C funding at a $1.5 billion pre-money valuation co-led by Baillie Gifford and GIC.

Why it matters: This is a new front in the decarbonization battle, given the dominance of petroleum-based chemicals. Solugen says the big dollars will help it build "bioforges" around the world, adding that they're cheaper and take less time to build than do typical petrochemical or fermentation plants.

Other investors include Temasek, BlackRock, Carbon Direct Capital Management, Refactor Capital and Fifty Years.

Bonus: Texas startup says abortion law will cause it to hire elsewhere

The bottom line: Solugen is basically trying to apply Moore's Law to scaling chemical production, marrying microbe design with process tech.

Solugen, developer of plant-derived chemicals, raises $350 million

This is a new front in the decarbonization battle.

Petrochemicals

Solugen, a Houston-based developer of plant-derived chemicals, raised $350 million in Series C funding at a $1.5 billion pre-money valuation co-led by Baillie Gifford and GIC.Why it matters: This is a new front in the decarbonization battle, given the dominance of petroleum-based chemicals. Solugen says the big dollars will help it build &quot;bioforges&quot; around the world, adding that they&#x27;re cheaper and take less time to build than do typical petrochemical or fermentation plants.

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Solugen, developer of plant-derived chemicals, raises $350 million

Go deeper