US-based agricultural company Monsanto has led a $7m Series A round into Biosynthetic Technologies, a company which creates sustainable lubricants and who have had previous investment from BP Ventures, a corporate venturing of the UK-based oil major.
Monsanto will be working with Biosynthetic on its feedstock.The deal is part of a license and supply agreement between Monsanto and Biosynthetic which will allow for the use of Monsanto’s Vistive Gold soybean oil in production of biosynthetic lubricant oils.
Chief executive of Biosynthetic Technologies, Allen Barbieri, said:”This is an important collaboration as we move forward with our other global partners to launch their first lines of domestically-sourced, renewable biosynthetic lubricants,High-oleic soybean oils are a cost-competitive alternative to many of the feed stocks we’ve explored, and working with Monsanto is a natural fit, given our shared commitment to sustainability and the potential for this product,”.