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Business

Business Roundup

April 29, 2018 | APPEARED IN VOLUME 96, ISSUE 18

 

Formosa Petrochemical has given the go-ahead for a $9.4 billion petrochemical complex in St. James, La., first announced in 2015. Plans now are to begin construction on the project, which includes ethylene, propylene, ethylene glycol, and polymer units, in 2019. Completion will take 10 years.

Braskem has opened a research, business, and market development center in Boston to expand its involvement in renewable chemicals and materials. The Brazilian company produces polyethylene from sugar-cane-derived ethylene. The center will complement research efforts in Brazil and Pittsburgh.

Shapeways, a 3-D printing services firm, has raised $30 million in a fifth round of funding from Lux Capital, Union Square Ventures, and others. The company will spend the money on new services to help creators design, make, and sell objects, even if they do not have 3-D modeling experience.

Inocucor, a developer of biological crop inputs for fruits, vegetables, and row crops, has raised $54.4 million in its second round of funding from Cycle Capital Management, Desjardins-Innovatech, and others. Separately, Inocucor acquired ATP Nutrition, a maker of plant nutrition products.

Shell and Toyota have been awarded $8 million by the California Energy Commission to develop a hydrogen truck refueling station at the Port of Long Beach. The companies expect the facility—and Toyota’s proof-of-concept hydrogen truck—will encourage use of zero-emission vehicles at the world’s largest freight hub.

EnobraQ, a three-year-old start-up developing non-fossil-fuel processes, including those using carbon dioxide, has raised $2.4 million from investors. The French firm has now raised a total of $6 million.

Rallybio has launched with $37 million in funding from backers including 5AM Ventures, Canaan Partners, and New Leaf Venture Partners. Formed by former executives of Alexion Pharmaceuticals, Rallybio will develop drugs for people with severe and rare disorders.

ADC Biotechnology, a Welsh biotech firm developing cheaper production processes for anticancer drugs, has raised $1.6 million from Downing Ventures. ADC will use the money to develop a bioconjugation technology and accelerate its U.S. growth.

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