Press
CHITOSE BIO EVOLUTION PTE. LTD. (Head Office: Singapore, CEO: Tomohiro Fujita), the leader of the global bioeconomy and the headquarters of CHITOSE Group, has announced the issuance of new shares of JPY 1 billion (equivalent to USD 6.2 million) through a third-party allotment to Sumitomo Mitsui Banking Corporation (hereinafter “SMBC”) to be concluded on July 19th.
SMBC has been supporting the business growth of CHITOSE Group as a bank for a long time. Moreover, since September 2023, SMBC has strengthened its support by joining MATSURI, the project to build a microalgae-based industry to replace the petroleum industry. The funds raised will be used for developing various bio-products using microorganisms and cells and expanding their production capacity. Additionally, the funds will strengthen the organization in preparation for an initial public offering (IPO) on NASDAQ, planned for 2027.
Chitose Laboratory Corp. (hereinafter “CHITOSE”) was selected by New Energy and Industrial Technology Development Organization’s (NEDO) Green Innovation Fund (*1) in March 2023 as the implementing agency of an R&D project with a budget of JPY 58 billion (equivalent to USD 364.3 million). SMBC is participating in this project as a collaborating institution. To support CHITOSE’s business growth, CHITOSE BIO EVOLUTION PTE. LTD. strengthened its financial base by raising a total of JPY 3.1 billion (equivalent to USD 19.4 million) through a third-party allotment of new shares last year. With this investment from Sumitomo Mitsui Banking Corporation, CHITOSE Group will continue to lead the bioeconomy (*2), which is expected to reach a market size of USD 30 trillion by 2032.
Future Procurement Plans
Due to growing expectations for our efforts toward decarbonization and our activities to simultaneously promote sustainable manufacturing, CHITOSE BIO EVOLUTION PTE. LTD. has raised a total of JPY 4.1 billion (equivalent to USD 25.7 million), including the capital increase in September 2023, far exceeding our initial target. We will continue fundraising activities and aim to raise a total of over JPY 15 billion (equivalent to USD 94.2 million) by 2025.
Tomohiro Fujita, Founder & CEO of CHITOSE Group
In order to create a new industry called bioeconomy, we need not only the world’s cutting-edge technological capabilities, that CHITOSE Group has cultivated since its founding, but also financial capabilities. This investment has been made utilizing SMBC Group’s “Social Value Creation Investment Fund” (*3). We are honored to have been chosen as one of the partners by the SMBC Group, which is advancing initiatives for creating social value through its support for building the bioeconomy industry. We have also received words of expectation from the SMBC Group’s executive members, which further strengthens our resolve.
About MATSURI
https://matsuri-partners.chitose-bio.com/en
MATSURI, MicroAlgae Towards SUstainable and Resilient Industry, is a project led by CHITOSE Group aimed at establishing an advanced microalgae-based industry in collaboration with partner enterprises and governmental agencies. As what MATSURI means in Japanese, CHITOSE continues to lead the festival to promote and develop a sustainable society. We look forward to your participation in MATSURI. Click here to contact us.
CHITOSE Group Overview
https://chitose-bio.com/
CHITOSE Group is a family of biotechnology companies leading the global bioeconomy. To live in abundance beyond the next millennium using the ability of living things, CHITOSE pursues the possibilities of biotechnology through technological and business development collaborating with its business partners all over the world.
About CHITOSE BIO EVOLUTION PTE. LTD. (head office that oversees CHITOSE Group)
Established in October, 2011
Head Office located in Singapore
CEO: Tomohiro FUJITA, Ph. D.
About CHITOSE Laboratory Corp. (responsible for the project)
Established in November, 2002
Head Office located in Kawasaki-city, Kanagawa Prefecture, Japan
CEO: Tomohiro FUJITA, Ph. D.
COO: Rie KUGIMIYA
Related Information
[External] SMBC Group | Investment in “CHITOSE Group”, a family of biotechnology companies
[Press Release] CHITOSE Group, Successfully Concludes Capital Increase of 7M USD Scale from Shiseido and Forms Strategic Partnership ― Accelerate a Microalgae-based Circular Manufacturing in a Cosmetic Industry —
[Press Release] CHITOSE Group, Successfully Concludes Capital Increase of 21M USD Scale through Third-Party Allotment
[Press Release] CHITOSE Group Obtains Funding from Japanese Government(NEDO) for Green Innovation Fund of 400M USD Scale
[External] SMBC Group’s news release “Establishment of Expense Budget for Creation of Social Values” dated May 17, 2024
