MENLO PARK, Calif.--(BUSINESS WIRE)--Calysta Energy™ (www.calystaenergy.com) today announced completion of a Series A financing round totaling $3 million. The financing was led by Pangaea Ventures Ltd., (www.pangaeaventures.com), and included current Calysta officers and directors. Purnesh Seegopaul, Ph.D., General Partner at Pangaea, will join the Calysta Board of Directors.
Calysta intends to use the Series A investment to advance development of biological routes to high value industrial chemicals and fuels based on methane, an advantaged feedstock from natural gas.
“We are delighted to welcome Pangaea to Calysta as an investor,” said Alan Shaw, Ph.D., Chairman, President and CEO. “Demand for new technology solutions in industrial chemicals and fuels has created a global market opportunity. This financing positions Calysta to continue rapid development of scalable, economical pathways for these important new products based on our BioGTL® and BioGTC™ natural gas conversion technologies,” he said. “We are excited about Calysta’s disruptive gas to liquids and chemicals technology approach,” added Purnesh Seegopaul.
About Calysta’s Technology
Calysta is focusing on development of methane as a new biological feedstock for cost-competitive, scalable biofuels and chemicals production. Methane is widely available from large domestic deposits of shale gas, as well as landfills and other sources. Calysta’s BioGTL® and BioGTC™ natural gas conversion technologies use proprietary organisms to economically convert methane into liquid hydrocarbons, the building blocks of higher-value, easily transportable fuels and chemicals.
About Calysta Energy
Calysta Energy™, Inc. (www.calystaenergy.com), Menlo Park, CA., is developing new Biological Gas-to-Liquids® and Biological Gas-to-Chemicals® technologies using methane, the primary component of natural gas. The technology allows conversion of a plentiful energy resource into high value chemicals and transportation fuels with cost and performance advantages over current processes. BioGTL®, Biological Gas-to-Liquids®, BioGTC™, and Biological Gas-to-Chemicals® are trademarks of Calysta Energy.
About Pangaea Ventures
Pangaea Ventures is the world leader in advanced materials venture capital. Established in 2001, Pangaea has offices in Vancouver BC and Hillsborough NJ. Now investing its third fund, Pangaea has an outstanding portfolio addressing multi-billion dollar markets in energy, semiconductors, medical devices, agriculture and more. Pangaea's materials network spans multiple industry verticals, and includes sixteen world-leading multinationals as strategic Limited Partners: Asahi Glass, Asahi Kasei, BASF, Bekaert, Castrol innoVentures, Evonik, JSR Corporation, Mitsubishi Chemical, Murata, 9th Street Investments (a CoorsTek affiliate), Nitto Denko, SABIC, Samsung, Solvay, Toyota Tsusho and Umicore.