Colorado, United States [RenewableEnergyWorld.com] ZeaChem Inc. a developer of biorefineries for the conversion of biomass into fuels and chemicals, announced that it has raised US $34 million in initial Series B financing.
ZeaChem is developing a cellulose-based green fuels and chemicals biorefinery platform that converts renewable non-food biomass into market-competitive products such as ethanol. The new funds will be used to build ZeaChem’s first cellulosic biorefinery. ZeaChem will begin construction on the plant in 2009.
“ZeaChem has made tremendous progress over the past year towards commercializing its hybrid cellulosic ethanol technology,” said James Imbler, president and CEO of ZeaChem. “The initial Series B funding will allow us to produce the highest yield, lowest capital cost, lowest carbon footprint bio-based fuels and chemicals benefiting our investors, strategic partners, and our future customers. Securing such funding in a challenging economy – from industry leaders in both energy and venture capital – is testament to the value of ZeaChem’s third generation cellulosic ethanol platform.”
The funding round was co-led by venture capital investors Globespan Capital Partners and PrairieGold Venture Partners with follow-on investment by Mohr Davidow Ventures, Firelake Capital and Valero Energy Corporation, the largest petroleum refiner in the United States.