EMERYVILLE, Calif.—Amyris Inc., which is working with Michelin to develop and commercialize renewable isoprene, said it completed a $42.3 million private placement of its common stock.
The firm also said it has begun producing Biofene, a renewable farnesene, at its factory in Brazil.
"We are encouraged by the continued, strong commitment from our major investors, particularly as we start up our new industrial fermentation facility for the production of our renewable hydrocarbons in Brazil," said John Melo, Amyris president and CEO.
Amyris sold 14,177,849 shares of common stock in a private placement to existing Amyris investors.
The firm and Michelin are partnering to contribute funding and technical resources to develop Amyris' technology to produce isoprene—a chemical building block used in synthetic and natural rubbers—from renewable feedstocks.