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Business

Verdezyne Raises Funds From Malaysia

by Melody M. Bomgardner
May 5, 2014 | APPEARED IN VOLUME 92, ISSUE 18

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Credit: Verdezyne
President Barack Obama and Malaysian Prime Minister Dato’ Sri Najib Razak watched a contract signing by executives from Verdezyne and Sime Darby in Kuala Lumpur.
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Credit: Verdezyne
President Barack Obama and Malaysian Prime Minister Dato’ Sri Najib Razak watched a contract signing by executives from Verdezyne and Sime Darby in Kuala Lumpur.

Industrial biotech firm Verdezyne will receive $48 million from investors led by Malaysian conglomerate Sime Darby Berhad. BP and DSM are also among the investors. Verdezyne engineers yeast to produce biobased chemicals. At a press event in Malaysia, CEO E. William Radany told reporters that the company has chosen Malaysia to build a plant to make the nylon intermediate dodecanedioic acid out of a palm oil by-product. He said the facility will produce 30 million lb per year, about 30% of current world demand.

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