Solugen, a Texas-based startup has set up itself to decarbonize the Petrochemical industry and could be the first recognised multi-million dollar company stated in a Meth Lab.
The company says that it has created a process that can produce thousands of tons of chemicals without depending on Petroleum will be a huge impact in the fight against global climate change.
How it Started
Gaurab Chakrabarti and Sean Hunt the co-founders of Solugen were looking for a lab to test their process for enzymatically manufacturing hydrogen peroxide with a small amount of $10,000 which they grabbed from MIT to cover up their salaries and cover rent and lab equipment.
Chakrabarti said that the usual space for the lab was too high so through a friend of a friend of a friend, they end up leasing lab space in a facility near the Houston airport for $150 per month.
“In 2016 I went to visit Solugen’s headquarters in Houston, They were subleasing a small part of a bigger lab and it was one of the sketchiest labs I’d seen, but the Solugen founders liked it because the rent was low” recalls Solugen seed investor, Seth Bannon, a founding partner with the investment firm Fifty Years. “Sean and Gaurab were incredibly impressive. They had their prototype reactor up and running and were already selling 100% of its capacity, so we invested.”
Impact of Chemical Industry on Environment
As per the stats from Global Efficiency Intelligence website, the chemical industry is responsible for 20% of all industrial greenhouse gas emissions with 10% of global energy use and 30% of industrial energy demand impacts the global environment at a high rate.
Solugen’s secret process is its mastery to create oxidase enzymes at low-cast that can be fused with simple sugars to make oxidation chemicals which accounts for uneven half of the $4.3 trillion dollar global chemical industry.
A good round of investment from multiple sources Solugen to build a new, 2,500 modular facility which will produce 5,000 tons of hydrogen peroxide per year.
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