Bioenergy

Mascoma Raises $30 M for R&D in Cellulosic Biomass-to-Ethanol

To continue research and development (R&D) to make renewable fuel a sustainable reality for consumers, Mascoma Corporation raised $30 million in Series B funding led by General Catalyst Partners.

“We are entering a new and exciting phase,” said Mascoma President and Director Dr. Colin South. “With this second round of funding completed, we are focused on further developing our production technologies and processes to make fuel ethanol from cellulose a practical and sustainable reality for consumers.” Initially, the company developing cellulosic agricultural and forestry wastes to produce ethanol will begin in the Northeast. “Cellulosic biomass as a feedstock is key to the mass commercialization of ethanol,” said Hemant Taneja, principal, General Catalyst Partners. “Mascoma’s technology will provide the ability to move beyond corn-based ethanol and prove that a dependence upon foreign oil is far from inevitable.” The financing was led by General Catalyst Partners; investors include General Catalyst Partners, along with return backers Khosla Ventures and Flagship Ventures. Kleiner Perkins, Vantage Point Venture Partners, Atlas Venture and Pinnacle Ventures also joined this round. “Mascoma is poised to transform the current model for ethanol production,” said Vinod Khosla, founder, Khosla Ventures. “Mascoma’s research and innovation in the field have solidified our leadership position in commercializing cellulosic ethanol technology, and we expect a great and positive impact on the industry and consumers alike.”