Methane-to-feed startup closes $20 million Series B round
Tuesday, July 12, 2022
String Bio signed a strategic development agreement with Woodside Energy Technologies Pty Ltd, a wholly-owned subsidiary of global energy company Woodside Energy Group Ltd (Woodside). In parallel, Woodside will also invest in String’s Series B equity raise. New and existing investors, including Ankur Capital, Dare Ventures, Redstart, Zenfold Ventures and others, have joined the first close of USD 20 million of the Series B raise.
String Bio has built a deep technology platform for production of high-quality ingredients from greenhouse gases, particularly methane. Products enabled by String’s platform range from protein ingredients for nutrition, to innovative crop inputs, to products for biodegradable polymers. The differentiated innovation delivers on decarbonization while increasing the supply of key inputs for diverse sectors.
String had previously set up its first multi-purpose gas fermentation facility in Bangalore that can run on methane from both natural gas and biogas. The current investment and collaboration will enable String to further drive the market growth of its products and strengthen its decarbonization impact.
Woodside Energy CEO, Meg O’Neill, said the company aimed to thrive through the energy transition with a resilient and diversified portfolio. “Our investment in String Bio builds on our ability to potentially abate greenhouse gases through the conversion of carbon into useful products. We believe String Bio’s technology could eventually be used to recycle methane at Woodside facilities. It could also be deployed at third-party sites with available biomethane such as landfill facilities and farms,” said O’Neill.
Vinod Kumar, co-founder and managing director of String Bio, highlighted that this is a significant milestone for both String and the biotech ecosystem in India. “Our fundamental ethos is to enable supply and establish demand for our diverse product portfolio. The partnership with Woodside will be a defining milestone to enable carbon-friendly products in the global marketplace.”
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