Sign In
NewsRadar

Search Press
Looking for press releases of a particular company? Enter company name (or keyword) here.

   


BASF Venture Capital invests in new energy generation technology


BASF Venture Capital America Inc., Fremont, CA, is investing $3 million in LUCA Technologies LLC, Golden, Colorado. LUCA develops biotechnology that uses microorganisms to reactivate or intensify the production of methane (natural gas) from finite fuels such as coal or oil.

LUCA, which was founded in 2001 and has currently about 30 employees, employs genomics, molecular biology and other tools of biotechnology to detect, classify and study microorganisms - those that live without oxygen - that metabolize oil, shale and coal within the earth into natural gas. These methane production sites underground are described as 'GeobioreactorsTM' by LUCA. The company wants to develop such Geobioreactors into massproduction methane farms, which will serve growing demand for this form of energy.

“We are excited that a leading international chemical company with the stature of BASF shares our vision of this future technology,” said Robert Pfeiffer, President and CEO of LUCA Technologies. “The new strategic partnership will accelerate product development to help meet the growing demands of a $150 billion United States domestic natural gas market.”

LUCA will use proceeds from the financing round to continue its research and development activities in the laboratory, and to support testing of the technology in coal beds either on its own or through partnerships with energy companies.

“LUCA’s technology fits well with BASF’s research activities in the fields of industrial biotechnology and energy management – two of our five growth clusters. In its research, BASF concentrates major technology-driven issues of particular relevance to the future in five growth clusters,” said Keith Gillard, Principal at BASF Venture Capital America.

In the white (industrial) biotechnology cluster, BASF is putting to work its wide-ranging expertise in enzyme catalysis and the fermentative production of amino acids and vitamins to generate new products and processes outside the existing main areas of interest of fine chemicals and intermediates. While in energy management, BASF's research scientists, for example, are working on new materials for organic solar cells, innovative storage media for hydrogen and the membrane electrode assembly of small portable fuel cells. The three other growth clusters are raw material change, nanotechnology and plant biotechnology.

Further information about LUCA Technologies is available on www.lucatechnologies.com.

BASF Venture Capital GmbH was established in 2001 as a wholly owned subsidiary of BASF Future Business GmbH, Ludwigshafen, Germany, and participates in startup companies and funds by providing venture capital to open up new growth potentials. In doing so, it focuses on companies with innovative business models and technologies in which chemistry is an important key to success. Investment is channeled toward companies that can demonstrate successful applications for their product developments as well as market demand. BASF also supports these companies with its expertise.

BASF is the world’s leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics, performance products, agricultural products and fine chemicals to crude oil and natural gas. As a reliable partner to virtually all industries, BASF’s intelligent system solutions and high-value products help its customers to be more successful. BASF develops new technologies and uses them to open up additional market opportunities. It combines economic success with environmental protection and social responsibility, thus contributing to a better future. BASF has approximately 94,000 employees and posted sales of more than €42.7 billion (approximately $50.4 billion) in 2005. Further information on BASF is available on the Internet at www.basf.com.
xx


Publisher Contact Information:

BASF Venture Capital
+49 621 60 20829
daniel.smith@basf.com

Company profile of BASF Venture Capital
Past press releases of BASF Venture Capital.

Data


26,032
Tech investments
From our Online Data Service
16,834
VC-backed companies
From our Radar


Recent Deals


DATEAMOUNTSECTOR
Aug 25€26.0MPayment software
Aug 25€5.1MInternet services
Aug 25€36.0MPayment software
Aug 24€23.0MOther Biotechnology & Healthcare
Aug 23N/AImaging
Aug 23€1.1MSoftware development
Aug 22€1.8MEnergy related

For information on Europe's most extensive database on technology funding click here!

Events



Press Releases


May 28
Identiq
identiq raises $5m seed, launches privacy-first identity validation...

Apr 29
Nethone
nethone raised over $1 million from innovation nest

Oct 1
The Link App
the link app launches version 2.0

Mar 29
Addex Therapeutics
addex sucessfully raises chf40 million in capital increase

Jan 2
Urban Jungle
urban jungle raises £1m in seed funding to build tech-enabled home ...





About usContact usLegal Information
Copyright © 1999-2019
Emerging Technology Research Europe Inc. All rights reserved.