String Bio announced on Monday that it has received a $20 million investment from Woodside Energy Group, Ankur Capital, Dare Ventures, Redstart, and Zenfold Ventures.
String Bio also announced in a statement that it has signed a strategic development agreement with Woodside Energy Technologies Pty Ltd, a wholly-owned subsidiary of Woodside Energy Group, for the production of sustainable protein ingredients from greenhouse gases.
The company uses advances in biology, fermentation technology, chemistry, and process engineering to convert methane energy into a variety of value-added products.
Products enabled by String’s platform range from protein ingredients for nutrition, to innovative crop inputs and products for biodegradable polymers. It has its first multi-purpose gas fermentation facility in Bengaluru that can run on methane from both natural gas and biogas.
“The current investment and collaboration will enable String to further drive the market growth of its products and strengthen its decarbonization impact,” the statement said.
Commenting on the funding, Woodside Energy CEO Meg O’Neill said the investment in String Bio builds on Woodside’s ability to potentially abate greenhouse gases through the conversion of carbon into useful products.
“We believe String Bio’s technology could eventually be used to recycle methane at Woodside facilities. It could also be deployed at third-party sites, with available biomethane such as landfill facilities and farms,” she added.
String Bio cofounder and managing director Vinod Kumar stated that the collaboration with Woodside will be a watershed moment in enabling carbon-friendly products in the global marketplace.
“We are excited to deepen our investment with them to bring their products to market with like-minded partners across the globe and drive the climate impact they envision,” said Ankur Capital managing director Ritu Verma.