Houston-based biocatalysis start-up, Solugen, has announced a successful $357 million Series C funding round.

What are they up to?

Solugen has figured out how to produce enzymes (via CRISPR modified yeast cells) that cost 0.1-1% of the typical price per kilogram. The company then uses those enzymes as catalysts to synthesize molecules chemoenzymatically. These biobased catalysts allow Solugen to produce products (like their water treatment chemicals) from sugar (dextrose) with a carbon-negative footprint.

Looking forward:

Another low-carbon molecule-producing solution, fermentation, uses microorganisms to produce molecules. But when those microorganisms convert sugar into alcohol they also produce CO2 (reducing the percent of carbon feedstock utilized in the process).

Solugen's enzyme doesn't need to sit inside a microorganism, which increases the carbon utilization of the process. With the extra cash, and the holy grail of carbon-negativity, the company is going to go on a hiring spree and expand into plastic monomers, resins, surfactants, and more.

Read the press release here.

Global petrochemical company, LyondellBasell, has announced its intent to sell its refinery located on the Houston Ship Channel.

A little history:

This refinery can trace its origins back to Sinclair Oil's decision to set up shop in 1918. After decades of upgrades, the refinery fell into ARCO's hands when the company acquired Sinclair Oil in 1969 (Sinclair Oil also owned LyondellBasell's Channelview complex at the time).

Then, in the late 1980s, ARCO combined its petrochemical assets to form a subsidiary (called Lyondell Petrochemical), sold those assets to the public via an IPO, and eventually lost majority ownership of the Houston Refinery. Lyondell then expanded the refinery by selling part of it to Citgo (only to buy that part back in 2006—just a few years before Lyondell merged with Basell).

In today's context:

Refiners are pivoting from their traditional growth plans everywhere you look. Just last month, we saw Phillips 66 put its refinery outside of New Orleans up for sale. Shell did the same thing a year ago. Now LyondellBasell joins the list as it looks to sell the very asset it was born from. These companies are making it clear that refining isn't the space they want to grow in.

Read the press release here.

US-based refiner, Chevron, has announced that it will be working with Delta Air Lines and Google to accurately track emissions reductions associated with the use of sustainable aviation fuel (SAF).

SAF 101:

When companies talk about "renewable fuels" plants they are either talking about a plant that makes ethanol or one that makes renewable diesel, naphtha, and SAF (such as Phillips 66's new plant in San Francisco). SAF is made by hydrogenating plant-based oils and refining that product. Currently, blending SAF with traditional kerosene is the only viable method of reducing emissions associated with aviation.

So, what are they doing?

Chevron is going to produce a test batch of SAF and ship it to Los Angeles International Airport. Delta will use that SAF at some of its flights outside of that hub (they want to use 10% SAF by 2030). Google will "build a data and analytics framework to securely ingest and analyze emissions data" from both parties to provide "greater transparency and improved reporting of SAF emissions".

Read the press release here.