ZeaChem Raises $34 Million to Build Cellulosic Ethanol Biorefinery
LAKEWOOD, CO --- ZeaChem Inc., a developer of biorefineries for the conversion of biomass into fuels and chemicals, announced it 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 Corp., the largest petroleum refiner in the United States.
ZeaChem is developing a cellulose-based green fuels and chemicals biorefinery platform that converts renewable non-food biomass into products such as ethanol. 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 of ZeaChem.