Allonnia Announces Evok Innovations as Strategic Investor, Raises Additional $20M to Develop and Scale Transformational Waste Management Technologies
- Nasdaq set for worst day in 2 months before big tech earnings
- Tesla (TSLA) Gains on Q2 Beat, Analysts Mostly Positive but Others Cautious
- China's Meituan (MPNGF) Plunges 17.6% to Push Hang Seng Index to 8-Month Lows as Heavy Selling Continues
- Raytheon (RTX) Gains on Beat-and-Raise, CEO Says Next War Will Be Fought in Cyber Space and Then Outer Space
- Dollar edges lower as investors await Fed meeting outcome
Allonnia acquires Evok Innovations portfolio company Metabolik Technologies, expands executive team with hire of Kent Sorenson as chief technology officer
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
BOSTON, March 17, 2021 /PRNewswire/ -- Allonnia LLC, a bioremediation company, today announced a strategic investment from Evok Innovations ("Evok"), a leading cleantech fund that aims to accelerate the development and commercialization of industrial-scale, impactful solutions to address today's most urgent environmental challenges. Evok joins existing investors Battelle Memorial Institute, General Atlantic, Cascade Investment, and Viking Global. This new financing brings Allonnia's total capital raised to $60 million to optimize and scale biological solutions to critical waste remediation and upcycling challenges. The additional $20 million investment, a Series A extension, comes on the heels of Allonnia's launch in October 2020 as the latest spinoff company from Ginkgo Bioworks' Ferment Consortium.
As a part of the transaction, Allonnia will also acquire the assets of Metabolik Technologies, an Evok portfolio company that develops efficient and scalable bioremediation technologies enabling microbes to degrade hard-to-treat compounds in the environment. Metabolik has pushed the technological boundaries in the field, making notable progress in the degradation of naphthenic acids, a harmful byproduct of unconventional oil and gas extraction in the Alberta oil sands.
"Allonnia launched with a mission to develop, accelerate, and apply biological treatments to solve some of the greatest environmental challenges on the planet in entirely new ways," said Allonnia CEO Nicole Richards. "With this strategic investment from Evok, we will expand that focus to include restoring the environment and preserving natural ecosystems related to oil sands. Allonnia is excited to continue the development of transformational biological solutions to help resolve this long-standing industry challenge."
"Partnering with Allonnia will allow us to build on the great work of Metabolik and others in the space to raise biological innovations in waste remediation to new heights," said Evok CEO Marty Reed. "There is a significant opportunity to change the trajectory of waste management and we're proud to support this mission toward realizing a cleaner future."
Allonnia builds on the momentum of this latest fundraise with a key addition to its executive leadership, as Dr. Kent Sorenson joins the executive team as Chief Technology Officer. Internationally recognized as an expert in groundwater treatment, Dr. Sorenson has more than 25 years of experience in environmental remediation. He most recently held several global leadership positions at CDM Smith in the environmental sector. As one of the industry's senior technical and commercial leaders in bioremediation, Dr. Sorenson will help accelerate work already underway at Allonnia, in particular, the company's PFAS degradation programs.
About Allonnia Allonnia is a waste remediation company that uses advanced technologies and biology to engineer breakthrough systems that unlock the unrealized potential in waste. For more information, visit www.allonnia.com.
About Evok Innovations Evok Innovations ("Evok") is a fund that offers a unique approach to innovation, combining the pace and creativity of a Silicon Valley startup with the experience and insight of industry insiders. Evok drives innovation by deeply understanding industrial challenges, leveraging a global network of entrepreneurs to find solutions, and providing the investment, mentorship, and market access to accelerate deployment for game changing results. Through established partnerships with industry, Evok invests in a global portfolio of innovative companies to address the most pressing economic and environmental challenges. Learn more at www.evokinnovations.com.
View original content:http://www.prnewswire.com/news-releases/allonnia-announces-evok-innovations-as-strategic-investor-raises-additional-20m-to-develop-and-scale-transformational-waste-management-technologies-301249025.html
SOURCE Allonnia LLC
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Inovalon Holdings (INOV) Takeover 'Very Possible' - BTIG
- Sheremetyevo Airport Served 11.4 Million Passengers in the First Half of the Year
- Supply Chain Unicorn Built on Spencer Trask & Co. AI Venture
Create E-mail Alert Related CategoriesPRNewswire, Press Releases
Related EntitiesCascade Investment, Viking Global Investors, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!