Waltham, Massachusetts – Saudi Aramco appears to have invested $15m in, Novomer according to a company statement and separate filing with the US Securities and Exchange Commission (SEC).
The investment is being made through Saudi Aramco Energy Ventures (SAEV) and will fund technology development and construction of a market development plant to manufacture carbon dioxide (CO2)–based polyols and the enhancement of Novomer’s sales and marketing organization, said Novomer in a 10 December 2013 statement. Also on 10 December, Novomer told the SEC that it had privately placed $15m stock with an undisclosed third party.
In the Novomer release, Jim Mahoney, Novomer CEO, said “We are extremely excited to have SAEV join the Novomer investment group. This investment will allow us to execute fully on our product development and organizational growth plans over the next several years. Additionally, Saudi Aramco's process expertise and position in global petrochemical markets will be a tremendous asset for Novomer as we commercialize our technology platform.”
Aramco joins Novomer investors including DSM Ventures, Physic Ventures, Flagship Ventures, OVP Managing Ventures and Kensa Group.