Altra Inc., a California-based developer of renewable fuel projects, has completed a second round of equity funding that has raised more than $120 million.
In addition to Altra’s lead investors, Kleiner Perkins Caufield & Byers, Omninet Private Equity, LLC, Sage Capital Partners, L.P., Angeleno Group, LLC and Khosla Ventures, included in this round are several prominent private equity firms and financial investors including, Duff Ackerman and Advanced Equities.
Altra completed its initial equity funding in April 2006 and has now raised or is completing the placement of over $250 million in equity and debt financing. Second round equity funding will be utilized to complete Altra’s current phase of projects as it seeks to build 500 million gallons per year (MMGY) of biofuel production capacity across the nation through the acquisition of existing operating assets as well as the development of strategically located and permitted sites with state-of-the-art biofuel refining technology.
In addition to making the announcement of its latest round of funding, Altra indicated that it is on schedule with several additional projects including breaking ground on a 110 MMGY ethanol production facility in Nebraska in September of this year.
Altra has signed agreements to develop two additional sites located on the West Coast, which will be developed for ethanol and biodiesel production.
“Forward thinking, well capitalized investors recognize that biofuels are not only the primary solution, but just may be the only immediately viable oil alternative for the mass market,” said Larry Gross, CEO of Altra Inc. “We are rapidly creating a nationwide biofuels production footprint by acquiring and expanding existing, traditional plants and by developing new ones.”
Last month, Altra made several major advancements in its current phase of its strategic projects. It completed the acquisition of California’s only large scale operating ethanol plant, based in Goshen, CA. The Goshen ethanol facility’s current capacity is 27 MMGY, which Altra aims to expand to 35 MMGY, which will make the Goshen facility the largest up and running ethanol production plant in California. Also, the Company has begun development of a 60 MMGY ethanol facility located in Coshocton, Ohio. The Coshocton plant, which is located in the Eastern part of Ohio, will serve the East Coast markets and will be completed in September 2007.
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