Hallstar invests in Texas biotech outfit BioReNuva
Summary
BioReNuva has a full range of glycolipids including sophorolipids, rhamnolipids, and a ready-made biotechnology-based surfactant blend.Hallstar said the minority stake will enable it to explore novel approaches in the biosynthesis space, leveraging BioReNuvas expertise and manufacturing capabilities.Under the terms of the deal, Hallstar will provide board-level oversight, while day-to-day operations will continue to be independently managed solely by the BioReNuva team.Hallstar CEO John Paro said the investment is a logical extension of the Chicago companys activity in biotech.Our existing innovation in natural functional and active ingredients has an impressive track record, and has underscored customers passionate need for ingredients that are safe, biodegradable, and effective, he added.We see a future where biotech excipients biosurfactants, for example, where BioReNuva already excels will be a large portion of total growth in the beauty and personal care market.BioReNuva founder Dennis Zlotnik said biotech has a significant runway for market capture as scale and costs improve, and as consumers increasingly demand ingredients with low environmental impact.My team and I have a strong affinity with Hallstars priorities, and we welcome this partnership. Strategic investors contribute to our companys steady growth, and allow us to realize key goals when it comes to technical development, production capacity, and expansion into multiple verticals, he added.Financial terms of the deal were not disclosed.