CHITOSE BIO EVOLUTION PTE. LTD., the headquarters of the Chitose Group, a leader in the global bioeconomy, is pleased to announce that it has raised a total of 7.3 billion yen through a third-party allotment of new shares.
In addition to the 3.1 billion yen raised thus far, new funding was underwritten by Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd., TOPPAN Holdings Co., Ltd., NSK Ltd., JAFCO Asia S-8 Fund Series, Sumitomo Mitsui Trust Bank, Limited, and one other company. Furthermore, with additional investment from Mers Line Pte. Ltd. Group, which has been an investor for some time, the total amount raised this time is 4.2 billion yen, bringing the total amount raised in this round to 7.3 billion yen, far exceeding the initial target of 3 billion yen.
Chitose Group is promoting the MATSURI Project, which aims to build a new industry based on photosynthesis to replace the oil industry, by drawing a vision of a future where humanity can live in abundance for the next thousand years. We are collaborating with various players across industries and positions to realize the social implementation of algae biomass-derived products in a wide range of fields, including fuel, food, cosmetics, chemical products, and feed.
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As social expectations for decarbonization and sustainable manufacturing rapidly increase, the Chitose Group is promoting various initiatives, including the MATSURI Project, to expand the bioeconomy. The funds raised this time will be used to promote a fermentation production project that makes full use of AI technology and a new cell line development project that will dramatically improve the manufacturing process of biopharmaceuticals around the world using our unique technology.
Chitose Group also aims to be listed on the NASDAQ market in fiscal year 2027. We are planning to raise further large-scale funds from fiscal year 2025 in order to strengthen our capital before the listing, including preparations for the construction of a 100-ha algae production facility.
SOURCE: PRTimes
