Startup Siluria has raised almost $100 million for its natural gas to chemicals and fuels tech.
Plastics and chemicals that have ditched crude oil, could be the result of a new partnership between a startup and a Brazilian petrochemical giant.
My colleague Katie Fehrenbacher reports that Microsoft co-founder Paul Allen’s venture fund has joined a $30 million round of financing for Siluria Technologies, a natural gas to chemical startup. I’ve written previously of the promise of the biochemical industry and I think there will be continued interest in finding alternative feedstocks for specialty chemicals aside from crude oil, which is expensive and carries foreign dependency risks. There’s abundant natural gas in the U.S., so much that most natural gas developers are looking forward to becoming energy exporters soon, and Siluria is one more play on using the currently inexpensive hydrocarbon to disrupt the petrochemical industry.
Cheap, abundant, natural gas in the U.S. is remaking the American energy landscape. Can turning it into chemicals make one startup – and its new investors, which include Microsoft co-founder Paul Allen – filthy rich?
When an investor or entrepreneur makes high-risk bets on early stage companies, failure is always part of the equation. For Kleiner Perkin’s Bill Joy he says more of the early-stage greentech startups he invests in with fail early, but can turn into something more meaningful.
How’s this for a fund-raising pitch: We’re developing a cheaper, more sustainable way to produce a material that already finds its way into just about everything you touch? That’s the pitch Siluria Technologies used to attract $13.3 million in venture capital.