Coskata Inc., a developer of next-generation biofuel technology, closed a Series C round of equity
financing with The Blackstone Group (NYSE: BX) of New York as the lead investor.
Coskata did not disclose in its press release the size of the investment made by Blackstone’s Cleantech Venture Partners fund. But the Chicago Tribune pinned the total amount from all investors participating in the round at $40 millon.
In addition to Blackstone, new investors include Sumitomo and Arancia. Notably, several
of Coskata’s earlier Series A and Series B investors also participated in the
round, including Khosla Ventures, Advanced Technology Ventures, Globespan Capital
Partners, and TriplePoint Capital.
Coskata said it will use the funding to complete their demonstration
facility located near Pittsburg in early 2009, and to initiate engineering and design work on
the company’s first full-scale commercial facility.
Blackstone will be represented on the Coskata Board of
Directors going forward.
Coskata is commercializing a three-step technology platform that will produce next-generation ethanol from a wide variety of non-food, carbon-based feedstocks, at at target
operating cost of approximately U.S. $1 per gallon.
In May Coskata announced a strategic relationship with General Motors (NYSE: GM).
Loading...