Akermin raises USD10m for CCS enzymes

Thursday, January 28, 2010

Missouri-based Akermin has raised USD10m in a Series B funding round led by the Malaysian Life Sciences Capital Fund. Emerson Ventures and existing investors Chrysalix Energy, Prolog Ventures, OnPoint Technologies also participated in the round. The firm develops enzyme technology for use in biofuel cells and carbon capture and storage (CCS). As part of the deal, Malaysian Life’s CEO Ganesh Kishore and Emerson CTO Randall Ledford will join Akermin’s board of directors.

The firm’s stabilised enzyme biocatalysis system (SEBS) encapsulates enzymes in a polymer, which increases operating lifetime and enables them to function in extreme temperatures and pH conditions. Akermin has developed a system for the enzyme, carbonic anhydrase, which can remove carbon dioxide from multiple types of gas streams. It claims the process requires much less energy than amine solutions and can reduce costs by more than 30%.

The technology is also being applied to fuel cells, where the firm is encapsulating the enzymes in a conductive polymer matrix which enables the conversion of renewable fuels, such as glycerol and ethanol, into electricity. The firm is targeting applications in defence and security systems, wireless sensors, LED lighting and thin-film batteries.

Since being founded in 2004, Akermin has raised USD18.5m in venture capital funding.

Editorial - StrategyEye.com

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