Invizyne Awarded Additional $3.77 Million Grant from U.S. Department of Energy
Funding Supports Project to Optimize and Scale Up Isobutanol Production to Address Potential $27.4 Billion Sustainable Aviation Fuel Market
Monrovia, CA, Oct. 11, 2023 (GLOBE NEWSWIRE) -- , a leading designer of enzyme-based biomanufacturing systems – and a “Big Idea” company from , (NASDAQ:MDBH) ("MDB") – today announced it received an additional $3.77 million grant from the Bioenergy Technologies Office (BETO) within the U.S. Department of Energy's (DOE's) Office of Energy Efficiency and Renewable Energy (EERE).
“With our patented SimplePath™ technology platform, we developed a new way to make valuable chemicals from plant-based energy sources, thereby reducing the pollution associated with traditional production methods. This includes isobutanol, which is an industrial chemical with potential to significantly reduce greenhouse gas emissions, especially when used as aviation fuel,” said Mo Hayat, CEO of Invizyne.
BETO previously awarded Invizyne $2.08 million to develop and demonstrate conversion of cellulosic sugars to isobutanol, which the company successfully completed. With this most recent grant, Invizyne’s newly formed “Energy Transition” business unit will run the project titled to demonstrate the company’s cell-free production process can both make isobutanol from plants in an energy-efficient manner and at a price that competes with isobutanol produced from petroleum.
The global sustainable aviation fuel market is expected to grow at a compound annual rate of 52.2% to reach $27.4 billion by 2032, according to Acumen Research and Consulting.
Hayat concluded, “Most people considered Invizyne’s approach to produce chemicals outside of living cells near impossible until we invented it. The continued funding from the DOE further demonstrates the potential for our disruptive platform to create vital fuels and chemicals at commercially viable prices that have not been possible with traditional cell-based synthetic biology. I look forward to the successful completion of this project, as it will also enable the company to expand beyond isobutanol to replace various other petroleum-based products.”
About Invizyne Technologies, Inc.
Invizyne is an enzyme-based biomanufacturing technology company headquartered in Monrovia, California. The company specializes in designing enzymes and building truly cell-free enzymatic pathways that can run continuously and unassisted outside of living cells, therefore avoiding many of the problems other synthetic biology companies run into when trying to scale cell-based or immobilized biomanufacturing technologies. With a vision to enable a new generation of natural resources, we believe Invizyne's enzyme design capabilities, coupled with its patent protected biomanufacturing technology platform, position the company to drive positive change in the biofuels industry and many other industries that are looking for greener and better manufacturing technologies.
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About MDB Capital Holdings, LLC
MDB was founded in 1997 with the purpose of backing visionary technology, inventors, and technology entrepreneurs via a new form of public venture capital that finances pre-revenue, early-stage companies through early public offerings, primarily listed on NASDAQ. After successfully launching 16 companies under this public venture model, MDB itself became a public entity to attract investors who share its vision to continue to launch new platform technologies into the public markets.
MDB currently has two wholly owned subsidiaries, Public Ventures, LLC ("Public Ventures'') and Patentvest, Inc., and has a majority ownership stake in Invizyne Technologies, Inc. MDB is also in the process of expanding the business scope of Public Ventures, an SEC registered and FINRA member broker dealer, to include self-clearing capabilities to enhance its investment banking services to both issuers and investors.
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