BP Ventures, the corporate venturing subsidiary of petroleum supplier BP, has invested $30m in US-headquartered protein-based feed producer Calysta.
Founded in 2011, Calysta has developed gas fermentation technology that utilities microorganisms to convert methane into a sustainable alternative feed ingredient for fish, livestock and pet food.
The cash will be used to accelerate production of Calysta’s FeedKind protein and support its global rollout. The companies have also formed a strategic partnership for gas and power supply that will involve BP’s gas being used in the fermentation process.
Meghan Sharp, managing director of BP Ventures, said: “We are really excited to be working with the team at Calysta, bringing them into the BP Ventures family as we seek new commercial opportunities for our gas business.
“Their technology complements our core business while providing opportunities for sustainable products for tomorrow.”
Diversified conglomerate Mitsui led Calysta’s $40m series D round in mid-2017, investing alongside agribusiness Cargill, the Singaporean state-owned Temasek, Pangaea Ventures, Municipal Employee Retirement System of Michigan (MERS), Walden Riverwood Ventures and Aqua-Spark.
Calysta had previously raised $30m in a 2016 series C round that featured Cargill, Pangaea Ventures, MERS, Old Westburg Global Real Asset Fund, Walden Riverwood and Aqua-Spark.
The latter two had already co-led the company’s $10m series B round in 2015, investing alongside Pangaea Ventures. Calysta’ had received $3m in a 2013 series A round that was led by Pangaea.