Evonik has made a follow-up investment in the biotechnology start-up In Ovo through its venture capital unit. The investment comes as the young company reaches the commercialization stage for its technology and is bringing its gender-testing machine for eggs to the market. Together with co-investor VisVires New Protein Capital, Evonik Venture Capital has provided several million euros in further funding. Evonik Venture Capital first invested in the Leiden, Netherlands-based company in 2018, providing support for a technology that helps solve one of the egg industry’s biggest ethical problems.
Avantium last Thursday inaugurated its plant-based MEG (mono-ethylene glycol) demonstration factory in Chemie Park Delfzijl, the Netherlands, bringing industry yet another solution to reduce the reliance on fossil resources. The opening ceremonies was hosted by Nienke Homan, regional minister of the province of Groningen, the Netherlands and Avantium CEO Tom van Aken. Avantium additionally announced the naming of this innovative technology to produce plant-based MEG: Ray Technology – A Bright Step to The Future.