Hunter Somerville’s Post

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Partner at StepStone Group

Great news for our portfolio company Solugen. Huge accomplishment on securing a partnership like this with the DOE. Massively high bar and well deserved for this great team and exciting mission

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📰 Breaking News! Solugen has secured conditional commitment for a $213.6M loan guarantee from the U.S. Department of Energy (DOE) Loan Programs Office. This financing will support the construction of Bioforge Marshall, our new 500,000 square-foot biomanufacturing facility in Southwest Minnesota. The announcement marks a pivotal milestone in our scale-up journey and a landmark move for American industry. Solugen has now unlocked a critical step in executing our vision to deploy a domestic manufacturing network that brings sustainable solutions to market. We’re thrilled to join an elite group of impactful companies catalyzed by this DOE loan program. Of the companies that have reached this prestigious milestone, only 14 have been startups. Among these, Solugen is the first to successfully scale sustainable chemical manufacturing with our pioneering chemienzymatic technology. As we enter this next phase of growth, we look forward to continuing this important work alongside our customers, strategic partners, and investors. Read Solugen's announcement here: https://lnkd.in/gjQEAXdm Read DOE's announcement here: https://lnkd.in/gyDkmfKn

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