Sustainable chemicals startup Solugen locked in a $214 million loan from the Department of Energy program that also backed Tesla in its early years.
Solugen previously raised more than $640 million in venture funding from firms including Baillie Gifford, GIC, Temasek, BlackRock, Founders Fund, Fifty Years and Refactor.has locked in a $214 million loan commitment from the U.S.
With about 200 full-time employees today, mostly in Texas, Solugen plans to add around 60 more employees in Minnesota long term. The new facility is near large American manufacturers — General Mills and 3M — which have served as inspiration to Hunt and Chakrabarti, the co-founders told CNBC. Before locking in the substantial loan from the DOE, Solugen had raised more than $640 million in venture funding from firms including Baillie Gifford, GIC, Temasek, BlackRock, Founders Fund, Fifty Years and Refactor.Chris Creed, chief investment officer for the Loan Programs Office at the DOE, said Solugen is one of about 20 companies to secure a loan commitment from the agency for"industrial decarbonization" and the only one focused on chemicals production.
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