Virent, a Madison biofuels company, will cut its workforce by about one-third, or 35 people, according to a report in the Wisconsin State Journal. The company officially notified state officials and Madison Mayor Paul Soglin of the job cuts on Wednesday.
The University of Wisconsin spinoff company will retain a staff of 76 employees at its Anderson Street operations center. Virent cited the completion of several research collaborations and the resulting need to restructure the company, especially as it moves to more of a commercialization phase. More staff could be added as the company pivots to commercialization.
Virent, which has received substantial funding from the U.S. Department of Energy, is developing alternative transportation fuels made from plant sugars, and it’s working with Coca-Cola to produce paraxylene, a chemical used in plastic bottles.
Affected employees will be paid for the next 60 days and receive a limited subsidy for health insurance coverage, the company said.
