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Sumitomo Corp Of Americas Makes Strategic Investment In Cemvita To Accellerate Industrial Decarbonization

Sumitomo Corporation of Americas (SCOA) announced today its participation in a series A funding round for Cemvita Factory (Cemvita), the leading provider of carbon-negative synthetic biology solutions for the energy and mining industries. As a major owner and operator of businesses within the industrial sector, SCOA is strategically investing in companies like Cemvita to accelerate decarbonization within these industries. SCOA joins a consortium of investors in this funding round, including Mitsubishi Heavy Industry America.

"Identifying prescient solutions to the world's challenges is core to our mission. This partnership will produce innovations that help our company and our customers meet ambitious sustainability goals while building new opportunities," said Toshiya Kitamura, GM, and SVP of SCOA's Chemicals and Electronics Group.

The nascent but growing field of synthetic biology applies the tools of engineering and computing to biology. It has been used for a decade to optimize the work of enzymes and cells with the goal, for example, of accelerating the manufacture of Covid-19 vaccines. Cemvita is among the first to employ this technology to support heavy industry in fighting climate change.

With a growing portfolio of micro-organisms that capture and convert CO2 into chemicals and alternative fuels, Cemvita helps oil and gas companies decarbonize while transforming their byproducts into valuable feedstocks, a crucial step in building a circular carbon economy. The technology is also used in climate-smart mining to reduce the environmental footprint of mining while meeting the rising demand for key metals.  According to the World Bank, ambitious climate action places significant demand on mining. Lithium production, for example, must scale approximately 500 percent by 2050.

This is just one of several climate-focused investments and partnerships SCOA has made this year to support sustainability efforts within the industrial space.  Earlier this month, SCOA invested through its VC arm, Presidio Ventures, in Lilac Solutions, a company developing lithium extraction technology that is significantly more effective, faster to deploy, less expensive, and more sustainable than conventional lithium production methods. In addition, SCOA announced a sales agreement this summer with EcoVap, a leader in wastewater elimination technology that is more efficient, cost-effective, and sustainable for the planet. EcoVap's technology will directly impact how wastewater is displaced at mine sites and other industrial applications.

This latest investment in Cemvita demonstrates SCOA's strategy to pursue the financing and development of business models that support the decarbonization and sustainability of the planet and society as a whole.

Source: Sumitomo Corporation of Americas
Date: Oct 27, 2021


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