ZeaChem Inc., a developer of biorefineries for the conversion of biomass into fuels and chemicals, has raised $34 million in initial Series B financing.
The funding round was co-led by venture capital investors Globespan Capital Partners and PrairieGold Venture Partners with follow-on investment by MDV-Mohr Davidow Ventures, Firelake Capital and Valero Energy Corporation, the largest petroleum refiner in the United States.
ZeaChem is developing cellulosic ethanol as well as other cellulose-based chemicals. The new funds will be used to build ZeaChem’s first cellulosic biorefinery.
“ZeaChem has made tremendous progress over the past year towards commercializing its hybrid cellulosic ethanol technology,” said James Imbler, president and CEO, ZeaChem Inc. “The initial Series B funding will allow us to produce the highest yield, lowest capital cost, lowest carbon footprint bio-based fuels and chemicals benefitting our investors, strategic partners, and our future customers.”
ZeaChem says its process, which combines biochemical and thermochemical technology, allows it to produce 40% more ethanol per ton of biomass over competitors.
ZeaChem will begin construction of its frst plant this year.
ZeaChem is headquartered in Lakewood, Colorado and operates a research and development laboratory facility in Menlo Park, California.
Loading...