Unilever, Geno Aim to Develop Biotech Solutions That Lather, Lift Dirt
Unilever is making its largest biotechnology investment to date, teaming with the California-based Genomatica on greener alternatives to palm oil and fossil-fuel-derived ingredients.
LONDON — Unilever is making its largest investment in biotechnology to date, teaming with the California-based company Genomatica on developing alternatives to palm oil for beauty and cleaning products.
Unilever and Genomatica, known as Geno, will on Thursday reveal the creation of a $120 million venture to commercialize and scale alternatives to palm oil and fossil fuel-derived ingredients for use in everyday cleaning and personal care products.
The aim of the venture is to offer plant-based, sustainable and “highly effective alternatives” to the home and personal care markets, which have a combined value of $625 billion.
Unilever, parent of around 400 brands including Dove, Domestos, Love Beauty & Planet, and The Vegetarian Butcher, is the first corporate backer of the venture, with other strategic investors expected to join.