Biochemical company Elevance raises $104M

Despite that venture funding for cleantech is cooling off, some companies are still able to get money for growth. Biochemical company Elevance Renewable Sciences announced on Wednesday that it has raised a $104 million Series E round. The funding comes from oil giant Total’s investing arm, and Malaysian conglomerate Genting Berhad.
Elevance has been planning on pursuing a potentially $100 million IPO, and first filed its S-1 back in September of 2011. Since then, though, a variety of clean energy companies have delayed or ditched their IPO plans. In just this quarter, three clean energy IPOs — from Luca Technologies, BrightSource Energy, and Enerkem — were withdrawn.
Biofuel companies have struggled this year, too. Amyris announced recently that it will shutter or scale down production at two of its three facilities.
Still, biochemical and biofuel companies that have developed valuable intellectual property seem to be able to keep raising money and making deals. Algae oil maker Solazyme has finally moved into biofuels in a big way, and algae fuel maker Sapphire Energy recently announced it is raising another $144 million.