Sydney startups inventing new yeast strains to turn crops into fuel are looking to the ASX list in hopes of investing in a growing biofuel market.
MicroBioGen, led by former investment banking analyst Jeff Bell, says that improved versions of common yeast can turn non-food products such as industrial waste and wood scraps into low-carbon bioethanol and high-protein foods. Shown.
Founded in 2001 to spin out his brother Philip’s molecular biology research, Bell said the company has developed a product that reduces operating costs by up to 25 percent to produce these biofuels. It was.
“Our competitive advantage is that we spent 15 years developing technology. It takes 10 to 15 years for others to catch up,” he said.
The company has a variety of institutional investors, including the Danish biotechnology Novozymes, which is the world’s largest industrial biotechnology and holds a 25% stake. MicroBioGen’s $ 8 million yeast development project was backed by a $ 4 million grant from the Australian Renewable Energy Agency.
Bell said the company is considering a public float in late 2021 as it has proved to be a state-of-the-art “second generation” biofuel technology that can convert a wide range of materials into fuels and foods. The company has not yet disclosed the size of the IPO or its potential market valuation.
“If we bring the company to the surface, we want to turn Sydney into a hub for industrial biotechnology,” he said.
Australian The biotechnology field is getting a lot of attention Throughout COVID-19, however, industrial biotechnology, which focuses on new ways of making food and energy, has received little attention.
“We’re almost that,” Bell said of an Australian company focusing on this type of innovation.
But he believes investors are interested in the opportunities offered by the company.
“When it comes to industrial biotechnology, the world is your oyster. We can make it work.”
Waste to Fuel Biotechnology MicroBioGen Eyes ASX Tilt
Source link Waste to Fuel Biotechnology MicroBioGen Eyes ASX Tilt