String Bio has also signed a Strategic Development Agreement with woodside Energy Technologies Pvt Ltd, a wholly owned subsidiary of Woodside Energy Group, is engaged in the production of sustainable protein materials from greenhouse gases, the firm said in a statement.
The startup leverages advances in biology, fermentation technology, chemistry and process engineering to convert methane into energy into a variety of value-added products.
The products enabled by the Strings platform range from protein ingredients for nutrition to products for innovative crop inputs and biodegradable polymers. It has its first multi-purpose gas fermentation facility in Bengaluru that can run on methane from both natural gas and biogas.
“The current investments and collaborations will enable String to drive market growth of its products and strengthen its decarbonization impact,” the statement said.
Commenting on the funding, Woodside Energy CEO Meg O’Neill said the investment in String Bio builds on Woodside’s ability to potentially reduce greenhouse gases through the conversion of carbon into useful products.
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He said, “We believe that String Bio’s technology could eventually be used to recycle methane in woodside facilities. It could also be deployed at third-party sites, including landfill facilities and farms such as Biomethanes are available.”
Vinod Kumar, cofounder and managing director, String Bio, said the partnership with Woodside will mark a milestone in enabling carbon-friendly products to be introduced in the global market.
Ritu Verma, Managing Director, Ankur Capital, said, “We are excited to deepen our investments with like-minded partners across the globe to bring our products to market and envision the climate impact.”