Taconic Partners and Silverstein Properties announced that c16 Biosciences Inc. will establish its executive headquarters and biomanufacturing research lab within the Hudson Research Center at 619 West 54th Street.
A biomanufacturing company that uses microbiology to brew sustainable alternatives to palm oil, c16 Biosciences Inc. has leased 20,000 s/f of pre-built lab and office space on the 7th floor of the building. The company will move in at the end of summer.
“Hudson Research Center’s pre-built lab program was perfectly suited for what we do and where our company is headed,” added Shara Ticku, co-founder and CEO of c16 Biosciences Inc. “Its location, flexible lab spaces and amenities made the building an ideal fit for our team as we continue to address the drastic societal and environmental costs associated with palm oil. We are excited to grow our company here in New York City.”
C16 Biosciences, a company seeking to commercialize a manufactured alternative to palm oil, announced yesterday that it has raised $20 million in Series A funding from backers including the Bill Gates-led Breakthrough Energy Ventures.
Why it matters: Palm oil is used in a massive array of products — from shampoo to foods to biofuels.
- Palm plantations are fueling deforestation that releases CO2 and erodes wildlife habitat in multiple countries.
How it works: The New York-based startup has a fermentation-based “bio-manufacturing” process for “brewing palm oil like beer.”
C16 Biosciences is aiming to greatly reduce greenhouse gas emissions across the globe with their lab-grown palm oil, an alternative to a product that is found in a truly massive amount of goods. C16’s alternative is grown in bioreactors and is 20 percent less expensive to customers but “doesn’t destroy the planet,” the company says.
The startup has already begun early partnerships with a number of beauty and food distributors that together spend $1.2 billion on palm oil annually.