Codexis: 50 Hottest Companies in Bioenergy candidate profile
Codexis
Based in: California
2008-09 ranking: Unranked
Business: Codexis manufactures industrial biocatalysts for use in creating faster, more efficient and environmentally-friendly manufacturing processes in the bioindustrials and pharmaceuticals markets. Codexis is a clean technology company focused on applying a proven, robust innovative platform that helps address global efforts aimed at curbing climate change. Codexis’ programs include advanced biofuels development and commercialization with Shell, near-term expansion into carbon capture markets from coal-fired power plant emissions, and longer term expansion into water treatment and clean chemical manufacturing.
Model: Biocatalyst producer. Codexis’ proven biocatalyst technology is presently used by Shell to develop biocatalysts to produce advanced non-food transportation biofuels. Future bioindustrial markets of interest include carbon management, water treatment and chemicals. It is also in use on a commercial scale in the pharmaceuticals industry in companies such as Merck, Pfizer and Teva.
Past milestones:
1. January 2008 – Announced the opening of its fermentation laboratory in Budapest, Hungary; a research center of excellence in fermentation strain development and process technology supporting Codexis Bioindustrials
2. March 2009 – Announced an expanded agreement with Royal Dutch Shell plc to accelerate commercialization of next generation biofuels
3. January and May 2009 – Announced commercial agreements with Teva Pharmaceuticals and Roche using Codexis pharmaceuticals research productivity technology
Future milestones:
1. Continue progress in biofuels development collaboration with Shell
2. Initiate a major partnership in the carbon capture market.
3. Continue to move towards profitability and building a sustainable company
Metrics: 1 million strong enzyme library. 300 employtees. Most recent investment from Shell was rumored to be in the $30 million range, and the company has raised around $200 million from Bio*One Capital, Chevron Technology Ventures, CMEA Capital, Maxygen, Pequot Ventures, Pfizer, and Shell.
Alan Shaw (CEO) quotable quotes: “The secret sauce that we bring is the perfect combination of computation design synthesis and bioinformatics – all of this comes together very nicely to allow us to produce these synthetic super enzymes – and this is a Silicon Valley story. It will take world class technology to break this, but we will do it.”
“Codexis is doing extremely well. We’re fairly successful in financing and never had any problems raising money. Unlike other biotechnology companies, financing is never an issue for us. We have a strong balance sheet and more than what we need at the moment. The company is moving towards profitability.”
“In a way, Shell is like IBM and we’re Microsoft, in that we have a partner that gives us a channel for massive adoption. We’re getting escape velocity.”
The Hot 50 for 2009-10 will be released Tuesday, 12/1. Between now and then, you’ll see profiles of potential candidates in the Digest, and you’ll have a chance to vote for your favorites. Reader response will count for 50 percent of a company’s overall score in the preparation of the rankings. The remaining 50 percent is voted by a panel of experts.
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