SAN DIEGO, Aug. 26, 2014 (GLOBE NEWSWIRE) -- Genomatica announced it has been named a 2015 World Economic Forum (WEF) Technology Pioneer. Genomatica was chosen from hundreds of applicants by an independent selection committee comprised of 82 technologists and global thought leaders. The company was recognized for its biotechnology-based manufacturing processes that enable its partners to produce the world's most widely-used chemicals a 'better way,' with better economics and greater sustainability than petroleum-based processes.
Award continues extended recognition for Genomatica milestones
Genomatica met WEF's high standards for a Technology Pioneer, which include demonstrating visionary leadership in its industry, showing the signs of becoming a long-standing market leader and having a proven technology.
Genomatica cemented its position as a biotechnology leader for the chemical industry through a series of commercialization and technological milestones. Genomatica has the distinction of driving the first genuine commercialization of a biobased process for the production of the intermediate chemical BDO, used in everyday products including athletic apparel, running shoes, electronics and automobiles. Its GENO BDO™ has been licensed by BASF and Novamont, used to produce thousands of tons of product and validated by numerous major firms including Invista (for its well-known Lycra® spandex), DSM, Lanxess, Toray and Far Eastern New Century. Following the success of the GENO BDO process, Genomatica gained $100 million in industry support to develop processes for butadiene, a basic chemical used in tires, carpeting and latex products, with Braskem and Versalis as anchor partners. Genomatica also recently announced that major nylon intermediates are the focus of its third publicly-disclosed development program.
This selection as a Technology Pioneer by the World Economic Forum, a leading organization for the global economy, adds to continuous recognition by leaders across many fields of expertise. These include the most notable awards in chemical engineering (Kirkpatrick Award); green chemistry (EPA Presidential Green Chemistry Challenge Award); energy/cleantech (Bloomberg New Energy Pioneer); mainstream technology (Wall Street Journal Technology Innovation Award) and the biobased products sector (voted #1 Hottest three years in a row in Biofuels Digest's annual rankings).
"Being named a World Economic Forum Technology Pioneer is recognition that Genomatica is an enabler of change, delivering high-impact technology that provides a way for a huge global industry to deliver the same great everyday products as today – like packaging, carpets, tires, and more – but with greater sustainability," said Christophe Schilling, CEO of Genomatica. "The deeper discussions with global thought leaders that comes with being a WEF Technology Pioneer can further accelerate change by making more mainstream firms aware of the compelling alternatives enabled through biotechnology."
About Genomatica
Genomatica is a widely-recognized technology leader for the chemical industry. It develops biotechnology-based manufacturing processes that enable its licensee partners to produce the world's most widely-used chemicals a 'better way,' from alternative feedstocks, with better economics and greater sustainability than petroleum-based processes.
Genomatica has the distinction of driving the first genuine commercialization of a biobased process for a high-volume intermediate chemical. Its GENO BDO™ process for producing butanediol (BDO) has been licensed by BASF and by Novamont; BASF has announced its first commercial production; and multiple large chemical firms have publicly validated quality and/or described commercialization plans, including Invista (for its well-known Lycra®), DSM, Lanxess, Toray, and Far Eastern New Century.
Genomatica's biotechnology platform and over 500 patents and applications enable it to develop processes for additional major chemicals. The next is for butadiene, with Versalis and Braskem as partners, and over $100 million in industry support. Genomatica has also announced a program to develop processes for the production of nylon intermediates.
Genomatica has earned tremendous recognition for its innovation and commercialization track record, including the Kirkpatrick Award, for 'the most noteworthy chemical engineering technology commercialized in the world,' and the 2014 Bioeconomy Leadership Award.