HOUSTON -- BioBlend Renewable Resources, a manufacturer and marketer of bio-based lubricants, has announced second-round venture capital funding from Archer Daniels Midland Co. (ADM). In exchange for its support, ADM will gain a minority share position in BioBlend.
With dozens of products already available, BioBlend is the first company to make it practical for companies to adopt bio-based lubricants that combine high-performance, local availability and competitive pricing, it said.
Company president Sam Burkett said, "BioBlend will use this second-round funding to further expand [image-nocss] our manufacturing and marketing of green lubricants to customers and local distributors. We intend to add 50 new distributors in the next two years and create a nationwide renewable lubricant distribution and marketing platform."
The company is expanding its distribution center and quality control laboratory in Joliet, Ill., to provide more support for industries that need custom biodegradable lubricant blends, such as original equipment manufacturers, environmentally conscious retailers and government agencies seeking to comply with the USDA procurement guidelines for bio-based products.
Jeff Hart, founder and chairman of BioBlend, said, "Compared to traditional lubricants, bio-based lubricants reduce water pollution and improve the sustainability of the supply chain, while protecting valuable equipment. Virtually any user of petroleum-based lubricants can benefit from their adoption."
In addition, BioBlend is actively working to advance its business through strategic partnerships with lubricant technology intellectual property holders in order to better use its unique distribution and marketing platform.
BioBlend was launched in April 2007 with seed capital from Quest Technology Ventures, a private investment firm that focuses on startups in information technology and energy. The company is focused on continued expansion of its portfolio of environmentally safe, biodegradable lubricants, penetrating oils, hydraulic oils and greases. BioBlend's client list includes original equipment manufacturers, such as Atlas-Copco, Stihl and Center Rock, as well as zoos, ethanol plants, pellet mills, automotive plants, wineries, food processors and offshore drilling operators.
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