FMC Corporation | June 30, 2022
FMC Corporation an agricultural sciences company, announced a definitive agreement to acquire BioPhero ApS, a Denmark-based pheromone research and production company. The acquisition adds biologically produced state-of-the-art pheromone insect control technology to FMC's product portfolio and R&D pipeline, underscoring FMC's role as a leader in delivering innovative and sustainable crop protection solutions.
BioPhero has pioneered a highly efficient yeast fermentation process for manufacturing pheromones at significantly lower costs and with fewer production steps compared to competitors' traditional chemical synthesis methods. Lower costs expand the pheromone addressable market from today's focus on specialty fruit and vegetables to now include the large row crop market. FMC expects pheromones and pheromone-based products to contribute approximately $1 billion in revenue at above company-average EBITDA margin by 2030.
"This acquisition demonstrates our continuing commitment to invest in biologicals and adjacent technologies, expanding our world-class portfolio while advancing sustainable agriculture," said Mark Douglas, FMC president and chief executive officer. "BioPhero is a pioneer in the production of pheromones through a unique, highly efficient bioprocessing method—a game-changer in pheromone manufacturing technology. FMC's broad market access, leadership position in the high-value insecticide market, formulation know-how and application expertise provide significant opportunities to bring sustainably advantaged pheromone technology to more agricultural markets around the world. We look forward to adding an extensive pheromone platform to our biologicals business and welcoming the BioPhero team to FMC."
"BioPhero is excited by the opportunity to accelerate our development and the road to market with the objective to make pheromones widely available. Given FMC's leadership position in the development of biological plant health products, manufacturing and formulation expertise, and existing operations in Denmark, we believe FMC is an excellent company to take this business forward. FMC's global market access and significant investments in R&D will accelerate our ability to bring highly advanced pheromone insect control technology to growers around the world."
Dr. Irina Borodina, co-founder and chief scientific officer of BioPhero
Pheromones can be used in an integrated pest management program to control the buildup of insect populations in farmers' fields by disrupting the insect mating process, reducing overall egg-laying by adults and decreasing the next generation of the target insect population. Pheromones do not have an impact on the environment, promote biodiversity and do not harm beneficial insects, such as pollinators, since they precisely target specific pests.
"FMC directs 100 percent of its R&D investments to discover and develop more sustainable products," said Dr. Kathleen Shelton, FMC executive vice president and chief technology officer. "We're excited to add BioPhero's innovative pheromone molecules to our new product pipeline, and we expect to launch five new pheromone products over the next three to five years. The opportunities for advanced biomanufacturing technology extend well beyond insect control. Working together, we can significantly expand the use of fermentation technologies across a wider set of crops targeting a variety of pests, including fungi and weeds."
Novo Holding A/S, a world-leading science investor focused on creating long-term value, has supported BioPhero for six years. "Novo Holdings believes that biotechnology is a key component in the transition towards a more sustainable society," said Søren Møller, managing partner at Novo Holdings. "The technology developed by BioPhero is an excellent example of using nature's own pheromones to combat pests in a safe and yet efficient way. Novo Holdings has invested in BioPhero since inception and has renewed its commitment to the company in each financing round. We are very satisfied to see the rapid development of the company, and this sale demonstrates that FMC shares our vision of introducing new sustainable solutions in agriculture."
The purchase price of approximately $200 million will be paid at closing. Following regulatory approvals and satisfaction of customary closing conditions, the acquisition of BioPhero is expected to be completed by the end of the third quarter 2022.
Carbios | July 07, 2022
Carbios a pioneer in the development of enzymatic solutions dedicated to the end-of-life of plastic and textile polymers, has signed an agreement with On, Patagonia, PUMA, and Salomon, to develop solutions that will enhance the recyclability and circularity of their products.
An important element of the two-year deal will be to speed up the introduction of Carbios’ unique biorecycling technology, which constitutes a breakthrough for the textile industry. Carbios and the four companies will also research how products can be recycled, develop solutions to take-back worn polyester items, including sorting and dismantling technologies, and gather data on fiber-to-fiber recycling as well as circularity models.
The challenge the four brands share, is that their ambitious sustainable development goals can only partially be met by conventional recycling technologies which mostly target bottle-to-fiber recycling. Future regulations will require more circularity in packaging and textile. Yet the market consensus is that there will soon be a shortage of PET bottles, as they will be used for circular production methods in the Food & Beverage Industry.
Carbios’ innovative process constitutes a real technological breakthrough for the recycling of polyester fibers, which are widely used in apparel, footwear and sportswear, on their own or together with other fibers. PET polyester is the most important fiber for the textile industry with 52 MT produced, even surpassing cotton at 23MT1. The biorecycling process uses an enzyme capable of selectively extracting the polyester, recovering it to recreate a virgin fiber. This revolutionary technology makes it possible to recover the PET polyester present in all textile waste that cannot be recycled using traditional technologies.
PET plastics and fibers are used to make everyday consumer goods such as bottles, packaging and textiles. Today, most PET is produced from fossil resources, then used and discarded according to a wasteful linear model. By creating a circular economy from used plastics and fibers, Carbios’ biorecycling technology offers a sustainable and more responsible solution.
“This Consortium model has proved to be very efficient based on the success of the milestones previously achieved in packaging. We are very pleased to partner with these prestigious brands, On, Patagonia, PUMA, and Salomon. Our common goal is to contribute to reducing the environmental impact of the textile industry by offering an industrial solution to recycle polyester fibers and help our partners to meet their sustainable development goals.”
Emmanuel Ladent, Chief Executive Officer of Carbios
Adrianne Gilbride, Senior Sustainability Manager at On, noted “On is committed to becoming fully circular before the end of the decade. Our partnership with Carbios and the other consortium members is an important step towards enabling the industry to game-changing circular technologies at scale. Fiber-to-fiber recycling is a key building block in closing the loop within the textile and footwear industry".
Natalie Banakis, Materials Innovation Engineer Patagonia, adds “At Patagonia we are actively using our business to “save the Home planet”. We are excited to partner with Carbios and the textile consortium to work collaboratively to reduce waste produced by textiles. The textile waste problem is bigger than one company or solution, and Patagonia is excited to be working in a new format to solve this problem.”
Howard Williams, Director Global Innovation Apparel and Accessories at PUMA adds, ”As part of our Forever Better sustainability strategy, we aim to use 75% recycled polyester in our Apparel and Accessories by 2025. The partnership with Carbios and their innovative biorecycling methods offer a promising approach to reach our goals and make our industry as a whole more circular.”
Olivier Mouzin, Footwear Sustainability Manager at Salomon, concludes, ”At Salomon, we provide advanced sports solutions for all the outdoor participants, from the elite to the enthusiasts. Therefore, it is a natural decision for us to join this consortium made up of clothing and footwear companies, as well as Carbios, to form a new organization for advancing textile recycling that will help create a sustainable future for all Outdoor players. Our goal in joining the consortium is to bring awareness to the end-of-life of textiles, with the ambition of establishing true circularity within the textile industry. The companies in the consortium aim to do this by discovering ways to recycle fibers from one product into another. Partnering with Carbios—a green chemistry leader offering a bio-recycling process that recycles apparel and footwear materials into thread for new products—better enables us to accomplish this goal.”
Established in 2011 by Truffle Capital, Carbios is a green chemistry company, developing biological and innovative processes. Through its unique approach of combining enzymes and plastics, Carbios aims to address new consumer expectations and the challenges of a broad ecological transition by taking up a major challenge of our time: plastic and textile pollution.
Patagonia is a Certified Benefit Corporation based in Ventura, CA that is recognized internationally for product quality and environmental activism. Patagonia has contributed more than $145 million in grants and in-kind donations to date to grassroots nonprofits working to protect people and the planet.
PUMA is one of the world’s leading sports brands, designing, developing, selling and marketing footwear, apparel and accessories. For more than 70 years, PUMA has relentlessly pushed sport and culture forward by creating fast products for the world’s fastest athletes. PUMA offers performance and sport-inspired lifestyle products in categories such as Football, Running and Training, Basketball, Golf, and Motorsports. It collaborates with renowned designers and brands to bring sport influences into street culture and fashion. The PUMA Group owns the brands PUMA, Cobra Golf and stichd. The company distributes its products in more than 120 countries, employs about 16,000 people worldwide, and is headquartered in Herzogenaurach/Germany.
Born in the French Alps in 1947, Salomon is committed to pushing the boundaries of mountain sports through the creation of innovative equipment that allows people to play, progress and challenge themselves in their chosen outdoor sports. The company produces and sells premium footwear, winter sports and mountaineering equipment, hiking equipment, and apparel specifically designed for all those disciplines. Products are developed in the company’s Annecy Design Center, where engineers, designers and athletes collaborate to create innovative solutions that continually improve the outdoor experiences of those who see nature as a vast playground.
Oberon Fuels | July 01, 2022
Oberon Fuels a maker of products that reduce greenhouse gas emissions of major energy sectors, has joined both the World Biogas Association and Liquid Gas Europe as Oberon continues to build upon its work in Europe and around the world.
Oberon has developed a straightforward ‘here-now’ way to slash the CO2 emissions of the global Liquefied Petroleum Gas industry through the production of renewable dimethyl ether. Because rDME can be stored, transported and dispensed using existing LPG vehicles and equipment, it can be readily blended with fossil LPG to reduce carbon emissions by up to 60 percent. The intersection between rDME made from biogas and the LPG industry is a key reason for Oberon to join these trade associations.
The EU consumes about 48 billion liters of LPG per year, of which an estimated 3.8 billion liters (1 billion gallons) are imported from Russia. Oberon Fuels can enable European countries to produce fuels from local renewable biomass with no indirect land use impacts while reducing the need to import foreign energy resources. To help meet the goals of the EU Green Deal, the EU market is ready for new approaches to decarbonizing a range of major uses including transport, heating and agriculture.
Oberon’s interest in expanding into Europe and other global markets is intended to accelerate commercial adoption of rDME with near-term market trials leading to deployment of multiple commercial-scale production plants. Oberon already has strategic collaborations with leaders around the world including Suburban Propane (US) and South America-based Lipigas. Oberon executives were in Switzerland recently presenting at the International DME Association’s annual event, and company CEO Rebecca Boudreaux, Ph.D., spoke earlier today at the European Liquid Gas Congress event in Barcelona.
About Oberon Fuels
California-based Oberon Fuels is on a mission to decarbonize the fuel and energy sectors through the commercialization of renewable dimethyl ether. Oberon’s low or carbon-negative rDME can reduce the carbon intensity of propane by up to 60 percent when blended, offering potential reductions in global CO2 of 750 million metric tons per year. rDME’s characteristics also makes it a compelling means for transporting hydrogen for its myriad, fast-growing applications.
Gevo, Inc. | July 14, 2022
Gevo, Inc. is pleased to announce a new fuel sales agreement with Aer Lingus, which is owned by International Airlines Group. The Agreement provides for Aer Lingus to purchase 6.3 million gallons per year of sustainable aviation fuel for five years from Gevo’s future commercial operations. Aer Lingus expects to commence fuelling its aircraft with SAF from Gevo in 2026. The expected value for the Agreement is deemed to be $173 million, inclusive of the value from environmental benefits for Gevo.
Aer Lingus, the Irish flag carrier is committed to a lower-carbon future. As part of International Airlines Group Aer Lingus has pledged to achieve net-zero carbon emissions by 2050 and has committed to powering 10% of its flights using sustainable aviation fuel by 2030. The introduction of SAF as a renewable fuel source is instrumental for the airline in realizing its ambitions.
Gevo expects to continue to pursue its stated goal of producing and commercializing one billion gallons of SAF by 2030. By using the Argonne GREET model to provide a lifecycle inventory of carbon, Gevo has a business model designed to reduce greenhouse-gas emissions to net-zero over the entire lifecycle of each gallon of advanced renewable fuel, including its SAF, and that includes the emissions resulting from burning the fuel in engines to power transportation. The agreement with Aer Lingus further increases Gevo’s global impact by adding to its range of airline partners.
“Gevo’s sustainable aviation fuel delivers renewable energy to a transportation sector that is actively seeking to reduce its carbon intensity. Because our fuel is fungible and drop-in ready, it’s expected to have an immediate impact to help our partner airlines achieve their sustainability targets ahead of schedule.”
Dr. Patrick R. Gruber, Gevo’s Chief Executive Officer
In addition to its investment in SAF, a critical focus of Aer Lingus’ sustainability program is the modernization of its fleet. In recent years the Irish flag carrier has invested in new generation, more fuel-efficient, aircraft such as Airbus A321neo. Aer Lingus plans to modernize further with A32neo aircraft and A321neo XLR.
Speaking about fuel supply deal, Aer Lingus Chief Executive Officer, Lynne Embleton said, “This agreement with Gevo marks an exciting and critical step on our journey to net-zero carbon emissions and underlines our commitment to powering 10% of flights using sustainable aviation fuel by 2030. The sustainable aviation fuel produced by Gevo will be used to power our flights from Los Angeles and San Francisco and, from 2026, 50% of fuel purchased by Aer Lingus from California will be sustainable aviation fuel.”
The Agreement with Aer Lingus is subject to certain conditions precedent, including Gevo developing, financing, and constructing one or more production facilities to produce the SAF contemplated by the Agreement.
Gevo’s mission is to transform renewable energy and carbon into energy-dense liquid hydrocarbons. These liquid hydrocarbons can be used for drop-in transportation fuels such as gasoline, jet fuel and diesel fuel, that when burned have potential to yield net-zero greenhouse gas emissions when measured across the full life cycle of the products. Gevo uses low-carbon renewable resource-based carbohydrates as raw materials, and is in an advanced state of developing renewable electricity and renewable natural gas for use in production processes, resulting in low-carbon fuels with substantially reduced carbon intensity (the level of greenhouse gas emissions compared to standard petroleum fossil-based fuels across their life cycle). Gevo’s products perform as well or better than traditional fossil-based fuels in infrastructure and engines, but with substantially reduced greenhouse gas emissions. In addition to addressing the problems of fuels, Gevo’s technology also enables certain plastics, such as polyester, to be made with more sustainable ingredients. Gevo’s ability to penetrate the growing low-carbon fuels market depends on the price of oil and the value of abating carbon emissions that would otherwise increase greenhouse gas emissions. Gevo believes that its proven, patented technology enabling the use of a variety of low-carbon sustainable feedstocks to produce price-competitive low-carbon products such as gasoline components, jet fuel and diesel fuel yields the potential to generate project and corporate returns that justify the build-out of a multi-billion-dollar business.
About Aer Lingus
Aer Lingus is the Irish flag carrier, founded in 1936. In summer 2022, Aer Lingus will operate over 100 routes, flying to over 71 direct routes and to 62 destinations from Ireland to the UK and Europe. The airline operates 16 transatlantic routes from Dublin, Shannon and Manchester UK to North America and the Caribbean. Aer Lingus is a 4-Star airline, awarded by Skytrax, the international air transport rating organisation. Aer Lingus is a member of International Airlines Group one of the world's largest airline groups.