New Iridium

What New Iridium does

New Iridium (now operating as Kemvera) is a Colorado-based sustainable chemical innovation company founded around 2020 that develops a proprietary bio-ethanol oxidation platform for producing low-carbon, drop-in replacements for fossil-derived commodity chemicals. Its core technology converts surplus Midwest corn ethanol into bio-acetic acid and bio-ethyl acetate, with stated process performance of 95% conversion, 97% selectivity, and 400 g/L/h space-time yield, and a claimed 2 kg CO2 abated per kg of product (160% net emissions reduction). Both flagship products carry USDA BioPreferred certification, and the company is also advancing next-generation photocatalytic processes under a cooperation agreement with ICIG Ventures signed in August 2025.

The company operates a direct B2B sales motion, targeting brand owners and product manufacturers across the acetyl value chain — including footwear, paints, disinfectants, and perfumes — with a 50,000-tonne-per-annum commercial-scale plant planned or under construction in the Midwest. Revenue is generated primarily through sale of bio-based chemicals, with a potential secondary stream from licensing the underlying platform. As of January 2026 the company rebranded from New Iridium to Kemvera to mark its transition into commercialization and to signal expansion into CO2-derived chemicals.

Kemvera is venture-backed, having raised approximately $7 million across NSF and SBIR grants, a 2024 Climate Insiders-led round, and a 2025 seed round of $2.65 million led by Radicle Growth with participation from Ciri Ventures, Evergreen Climate Innovations, and Climate Insiders. The company is led by Founder & CEO Chern-Hooi Lim (Ph.D.), with CTO Garret Miyake (a recognized polymer/photocatalysis researcher), COO Brent Cutcliffe, and CFO Marianne Foo. The team is small (1–10 employees) and the company remains pre-commercial or in early commercialization, with no publicly disclosed revenue, named customers, or pricing.

Name

New Iridium

Legal name

Kemvera

Website

https://newiridium.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

1–10 employees

Short description

Kemvera (formerly New Iridium) is a Colorado-based sustainable chemical company that uses proprietary oxidation technology to convert surplus Midwest corn ethanol into USDA BioPreferred-certified bio-acetic acid and bio-ethyl acetate, selling these drop-in chemicals to brand owners across the acetyl value chain.

Ownership category

akta.pro rank

Product category

Bio-based chemicals

NAICS

Chemical Manufacturing (325)

SIC

Industrial Organic Chemicals (2860)

akta.pro primary industry

Biochemicals & Bio-based Platform Chemicals (cellulose sugars, lignin derivatives, organic acids) (IMAMALAB)

akta.pro secondary industry

Bio-based Solvents & Process Chemicals (e.g., bio-acetone, bio-butanol, bio-IPA, green solvents) (EUAAAIAB)

Keywords

• Bio-based chemicals
• Acetic acid production
• Ethyl acetate manufacturing
• Photocatalysis platform
• Sustainable chemistry

Headquarters

HQ city

Boulder

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Technology or R&D, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Bio-Based Chemical Sales: Sale of bio-acetic acid and bio-ethyl acetate produced from surplus corn ethanol conversion. The company operates a 50 KTA commercial-scale plant and produces drop-in replacement chemicals for brand owners seeking to decarbonize their products.
2. Chemical Platform Licensing: The company is developing and scaling its low-cost, low-carbon platform technology, which may include licensing arrangements for the production process.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

New Iridium (operating as Kemvera) commercializes a proprietary oxidation process that converts surplus Midwest corn ethanol into low-carbon, drop-in bio-based chemicals. Its flagship products are 100% bio-based acetic acid and ethyl acetate, certified by USDA BioPreferred, produced at a 50 KTA commercial-scale plant for use as drop-in replacements for fossil-based chemicals in footwear, paints, disinfectants, and perfumes.

Product overview

New Iridium (now rebranded as Kemvera) is a sustainable chemical innovation company offering a portfolio of bio-based chemical products. The company commercializes a breakthrough process that converts surplus Midwest corn ethanol into low-carbon, drop-in chemicals through proprietary oxidation technology. The core product portfolio consists of two flagship products—Bio-Acetic Acid and Bio-Ethyl Acetate—both USDA BioPreferred certified and serving as seamless drop-in replacements for fossil-based equivalents. The company is developing CO2-derived chemicals as next in their innovation pipeline. The technology achieves 95% conversion, 97% selectivity, and 400 g/L/h space-time yield, delivering 160% net emissions reduction (2 kg CO2 abated per kg product).

Differentiator

Problem solved

Functional benefit

Products and services

• Bio-Acetic Acid
• Bio-Ethyl Acetate
• 50 KTA Plant Tour (Commercial-Scale Production Asset)

Quantifiable outcome

• 160% net emissions reduction (2 kg CO2 abated per kg product)
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• ICIG VenturescoreStrategic or Co-development Partner · 12 August 2025Entered into a cooperation agreement to jointly advance next-generation photocatalytic processes. This partnership focuses on developing advanced chemical transformation technologies beyond the core bio-ethanol oxidation platform.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Emerging players

• Solugen: Solugen produces bio-based specialty chemicals including organic acids and chelants using enzymatic processes. It is an emerging player with overlapping customers in the brand-owner decarbonization space served by Kemvera.
• Bloom Biorenewables: Bloom Biorenewables develops bio-based aldehydes and polymer precursors from cellulosic feedstocks. It is comparable as a sustainability-focused chemicals startup targeting the same downstream brand-owner customers seeking drop-in replacements.
• Lygos Inc. Lygos is an emerging biotech company producing bio-based organic acids via engineered yeast fermentation for use in polymers, lubricants, and personal care. It targets overlapping bio-based platform chemical end markets with Kemvera, though via a different fermentation route.
• LanzaTech: LanzaTech uses gas fermentation to convert industrial waste gases into ethanol and downstream chemicals, including sustainable aviation fuel precursors. It is a relevant emerging peer because it is pursuing drop-in low-carbon commodity chemicals from non-fossil feedstocks, similar in thesis to Kemvera.

Direct peers

• Eastman Chemical Company: Eastman is a major global producer of ethyl acetate and other acetyl chemicals serving coatings, adhesives, and consumer products. It is one of the closest direct competitors to Kemvera in ethyl acetate and broader acetyl value chain applications.
• Celanese Corporation: Celanese is the world's largest producer of acetic acid and a major producer of ethyl acetate using petrochemical routes. It competes directly with Kemvera in the same core molecules and end markets, but operates at dramatically larger scale from petro feedstocks.

Broad incumbents

• INEOS Group: INEOS is a global petrochemicals incumbent producing acetic acid, ethyl acetate, and a broad acetyl portfolio. It competes with Kemvera on the same molecules from a far larger asset base and broader chemical platform.
• NatureWorks: NatureWorks, a Cargill joint venture, is the largest producer of bio-based polymers (PLA) and operates a large biorefinery converting corn sugar into chemicals. It is a broad incumbent in bio-based chemicals with comparable feedstock sourcing and customer base.

Others

• Cargill: Cargill is a major corn processor and ethanol producer that controls a significant share of the US corn ethanol supply chain feeding Kemvera. It is comparable as the upstream feedstock provider and adjacent bio-industrial player.
• POET: POET is the world's largest producer of corn ethanol and a key supplier of the bio-ethanol feedstock used by Kemvera. It is an ecosystem participant rather than a competitor, and its scale and surplus capacity materially shape Kemvera's feedstock economics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/new-iridium

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds6 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about New Iridium