King of Prussia’s Renmatix Attracts Bill Gates as Investor

Photo courtesy of Renmatix.

Microsoft founder Bill Gates has thrown his support behind King of Prussia’s Renmatix by joining the French oil giant Total in a $14 million investment in the company, writes Joseph DiStefano for the Philadelphia Inquirer.

Last week, Renmatix announced the investment, more than half of which was provided by Gates, according to Renmatix’s CEO, Mike Hamilton.

The company was founded eight years ago, and has been working on processes for transforming plant waste into non-petroleum sources for plastics, chemicals, and biofuels.

Talking about his decision, Gates called Renmatix’s high-pressure Plantrose refining process – used for “cracking” waste matter from plants such as corn, sugar cane, or lumber into industrial raw materials – an innovative process that represents an exciting pathway to pursue.

Total has signed a licensing agreement to produce up to one million tons of cellulosic sugar each year using Renmatix processes.

“We want to make low-carbon businesses a profitable growth driver accounting for 20 percent of our portfolio in 20 years,” said Total’s Chairman and Chief Executive, Patrick Pouyanné.

Read more about the latest investment in the Philadelphia Inquirer by clicking here.

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