Massachusetts, United States [RenewableEnergyWorld.com] SunEthanol has raised US $25 million in Series B financing from a consortium including BP and Soros Fund Management LLC and is changing its name to Qteros. The new name refers to its breakthrough Q Microbe technology for producing sustainable liquid fuel from non-food plants and wastes.
Leading the Series B financing is new investor Venrock, with previous investor Battery Ventures. Also participating are Soros Fund Management LLC and BP, both new, and Series A investors Long River Ventures and Camros Capital.
“These partners will allow us to get to market with people who are experts in building very large and valuable companies,” said Dr. Bill Frey, the company’s president and CEO.
Congress has mandated production of 36 billion gallons a year of biofuels — 16 billion gallons of which must be cellulosic ethanol such as Qteros is working to produce. That would figure prominently in President-elect Obama’s plan to reduce America’s dependence on foreign fossil fuels by investing US $150 billion in clean energy technology over 10 years.