ADM takes stake in BioBlend lubricants
April 15, 2008
BY Jerry W. Kram
Web exclusive posted May 8, 2008 at 5:02 p.m. CST
Archer Daniels Midland Co. has provided second-round venture capital funding to BioBlend Renewable Resources LLC, a manufacturer and marketer of industrial lubricants made from vegetable oils. ADM will gain a minority share position in BioBlend. "BioBlend will use this second-round funding to further expand our manufacturing and marketing of green lubricants to customers and local distributors," said BioBlend president Sam Burkett. "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 support for industries that need custom biodegradable lubricant blends. BioBlend's customers include original equipment manufacturers, environmentally conscious retailers and government agencies seeking to comply with the USDA procurement guidelines for bio-based products.
BioBlend manufactures and markets high performance, bio-based lubricants, oils and greases. BioBlend also markets biodegradable products and supports environmentally responsible local sourcing and sustainability efforts through a network of lubricant distributors. "Compared to traditional lubricants, biobased lubricants reduce water pollution and improve the sustainability of the supply chain, while protecting valuable equipment," said Jeff Hart, founder and Chairman of BioBlend. "Virtually any user of petroleum-based lubricants can benefit from their adoption."
BioBlend was launched in April 2007 with seed capital from Quest Technology Ventures, a private investment firm that focuses on start-ups in information technology and energy. The company is expanding its line 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. BioBlend is actively working on strategic partnerships with other lubricant technology companies to better use its distribution and marketing platform.
Archer Daniels Midland Co. has provided second-round venture capital funding to BioBlend Renewable Resources LLC, a manufacturer and marketer of industrial lubricants made from vegetable oils. ADM will gain a minority share position in BioBlend. "BioBlend will use this second-round funding to further expand our manufacturing and marketing of green lubricants to customers and local distributors," said BioBlend president Sam Burkett. "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 support for industries that need custom biodegradable lubricant blends. BioBlend's customers include original equipment manufacturers, environmentally conscious retailers and government agencies seeking to comply with the USDA procurement guidelines for bio-based products.
BioBlend manufactures and markets high performance, bio-based lubricants, oils and greases. BioBlend also markets biodegradable products and supports environmentally responsible local sourcing and sustainability efforts through a network of lubricant distributors. "Compared to traditional lubricants, biobased lubricants reduce water pollution and improve the sustainability of the supply chain, while protecting valuable equipment," said Jeff Hart, founder and Chairman of BioBlend. "Virtually any user of petroleum-based lubricants can benefit from their adoption."
BioBlend was launched in April 2007 with seed capital from Quest Technology Ventures, a private investment firm that focuses on start-ups in information technology and energy. The company is expanding its line 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. BioBlend is actively working on strategic partnerships with other lubricant technology companies to better use its distribution and marketing platform.
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