Brightlands Chemelot Campus, Geleen-based biotech startup Vertoro has announced that it has raised an undisclosed amount in an investment round led by SHIFT Invest and joined by Maersk Growth.
Existing investors Brightlands Venture Partners and LIOF also participated in this round.
Fund utilisation
Vertoro claims that the funds from this round will be used to further develop and commercialise its patented Goldilocks liquid lignin technology. Goldilocks, like fossil fuels, may be used as a platform for fuel, chemical, and material applications.
The proceeds from the round will also be used to construct a demonstration facility, planned to be operational in 2022. The company claims that the plant’s output will be used to develop maritime fuel in collaboration with Maersk, as well as other Goldilocks applications for the materials and chemicals markets.
“Our goal is to offer competitive, sustainable products to cost and environmentally conscious customers worldwide; a model inspired by no-frills disrupters in other industries that today are among the most profitable in their sector. This investment will bring us closer to reaching this goal in close cooperation with our committed team, our investors and our partners”, says Michael Boot, co-founder & CEO at Vertoro.
About Vertoro
Vertoro was founded in 2017 as a spin-off from Chemelot InSciTe,Geleen, the Netherlands. The company claims to manufacture Goldilocks using an unique thermochemical process from sustainably sourced forests and agricultural leftovers.
Goldilocks is already sold in a variety of markets, including antioxidants and marine fuel. Vertoro revealed that its byproduct is cellulose and can be utilised to make bio-based goods and chemicals like paper and ethanol.
About SHIFT Invest
SHIFT Invest is a venture capital fund located in the Netherlands. It invests in food and farm innovations, clean (bio-based) technology, circularity, smart materials, energy transition, transportation, and logistics.
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