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Solvay Invests in Sofinnova Green Seed Fund to Support Innovation in Industrial Biotechnologies

Tue, 11 Dec 2012 09:31:49 EST

Brussels, - Solvay announces an investment of €5 million in the Green Seed Fund launched by Sofinnova Partners. This fund, currently holding a fund raising round which first closed at €22.5 million, is intended to finance European SMEs active in industrial biotechnologies. Solvay will make its network of technological and market experts available to the fund and to the selected projects.

Industrial biotechnologies are at the crossroads of chemistry and agro-resources. This emerging sector, which has high innovation potential, is seen as an alternative to petrochemicals. Other partners of Sofinnova Green Seed Fund are Siclaé, Sofiproteol, Unigrains and CDC Entreprises.

Louis Neltner, Director of Research & Innovation Department of Solvay, said that 'this investment is fully in line with our open innovation strategy which aims to detect trends, identify breakthrough technologies and maximise opportunities to boost the Group's growth. The industrial biotechnologies sector is important for a company such as Solvay which intends to significantly increase the proportion of renewable raw materials in its product portfolio. By backing the Sofinnova Green Seed Fund, we also hope to help set up an ecosystem that supports innovation by European SMEs'.

Denis Lucquin, an Associate in Sofinnova Partners, declared: 'We are thrilled to welcome Solvay in the seed fund that we are setting up for industrial biotechnologies. Seeding is an integral part of our overall life sciences investment strategy. The Green Seed Fund is a useful complement to the seeding mechanisms introduced in our previous fund, Sofinnova Capital VII, which, as we are announcing today, closed at €240 million.'

Sofinnova Partners is a leader in venture capital dedicated to life sciences in Europe. Its seventh fund, Sofinnova Capital VII, has just closed at €240 million and will be invested in biopharmaceuticals, medical instrumentation and industrial biotechnologies.

Following on from its investments in Aster II and Phoenix Capital Partners, Solvay is pursuing its open and dynamic innovation strategy. These funds, which target different geographic areas and different company profiles, will complement each other and help enhance Solvay's innovation potential in its strategic markets.

SOLVAY is an international chemical Group committed to sustainable development with a clear focus on innovation and operational excellence. It is realizing over 90% of its sales in markets where it is among the top 3 global leaders. Solvay offers a broad range of products that contribute to improving the quality of life and the performance of its customers in markets such as consumer goods, construction, automotive, energy, water and environment, and electronics. The Group is headquartered in Brussels, employs about 31,000 people in 55 countries and generated EUR 12.7 billion in net sales in 2011 (pro forma). Solvay S.A. (SOLB.BE) is listed on NYSE Euronext in Brussels and Paris (Bloomberg: SOLB.BB - Reuters: SOLBt.BR).


Source: WebWire



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