Evonik has closed on an equity investment in Biosynthetic Technologies (BT), a specialist in biobased lubricants. BT has developed and manufactures a new class of bio-based synthetic oils called estolides that are used primarily in the passenger car motor oil and industrial lubricant sectors. The oils are made from organic fatty acids found in plant oils. Field trials have shown that the technical characteristics of the biobased synthetic oils are exceptionally good, and include the ability to combat soot buildup in engines, which helps keep fuel consumption low. They are biodegradable, nontoxic and they do not bio-accumulate in marine life. BT holds a broad patent portfolio to protect these novel biosynthetic oils that are marketed under the trade name LubriGreen® Biosynthetic Oils.
BT’s lubricants are being tested and certified by many of the world’s largest lubricant manufacturers who want to use these as components in their existing or new motor oil and industrial lubricant product lines.
In addition to Evonik, BP Ventures also participated as a second strategic investor in this current funding round that focuses on growth. BP Ventures as well as Monsanto Company have already invested in previous financing rounds.