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

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.