Solugen

Solugen is a company that develops bio-based alternatives to petroleum-based chemicals. Its Bioforge is a sustainable molecule factory that uses computationally engineered enzymes and metal catalysts to convert plant-derived feedstocks, like corn sugar, into essential chemicals traditionally made from fossil fuels. Additionally, the company develops and utilizes the Bioflex Senior fermentation plant to produce and scale intracellular and extracellular enzymes in bacteria, yeast, and filamentous fungi. The company’s products span industries including water treatment, agriculture, energy, construction, and personal care.

Solugen reports that its process achieves yields of up to 96%, significantly surpassing traditional petrochemical and fermentation methods. It also operates at lower temperatures, eliminating harmful waste streams and minimizing carbon emissions. The company claims its platform offers a highly scalable and localized alternative that enables it to produce a diverse range of high-performance, cost-competitive, and sustainable solutions. Solugen also estimates that it could theoretically produce 90% of the chemicals that are now produced by fossil fuels.  

Solugen's inaugural commercial facility, Bioforge Houston, commenced operations in 2021. The 20,000 sq ft facility was reported to have an annual chemical production capacity of 10,000 metric tons. The company broke ground on Bioforge Marshall in April 2024, a 500,000 sq ft facility in Southwest Minnesota, adjacent to global nutrition company ADM’s corn processing plant. The first phase of the facility was slated for completion by 2025. In October 2022, the company reported plans to construct three additional facilities in the US and abroad.

Key customers and partnerships

In October 2023, the company partnered with Sasol Chemicals to explore using Solugen’s compounds in Sasol’s household, personal care, and industrial and institutional cleaning surfactant formulations, with an initial focus on chelating agents. In April 2024, the company partnered with global nutrition company ADM to source dextrose as a feedstock at Solugen’s Bioforge Marshall facility, aimed to be adjacent to ADM’s corn processing plant.

Funding and financials

In June 2024, Solugen secured a USD 213.6 million loan guarantee from the US Department of Energy's Loan Programs Office to support the construction of Bioforge Marshall. 

In October 2022, the company raised USD 200 million via a Series D round led by Kennivik, Lowercarbon Capital, and Refactor Capital, with participation from Temasek, Baillie Gifford, and prior investors. The funds were earmarked to support the construction of Bioforge Marshall and three other future facilities.

In September 2021, the company raised USD 257 million via a Series C round led by by Baillie Gifford & GIC, with participation from Temasek Holdings, BlackRock, Carbon Direct Capital Management, Refactor Capital, and Fifty Years. The funds were to be utilized to expand Solugen's Bioforge technology platform.