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ZeaChem Raises $34 Million for Cellulosic Biorefinery
January 9, 2009Source: Clean Edge News
ZeaChem Inc., a developer of biorefineries for the conversion of
biomass into fuels and chemicals, recently announced that 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
Corporation.
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. According to the
company, the new funds will be used to build ZeaChem's first
cellulosic biorefinery.
ZeaChem's approach combines biochemical and thermochemical processes
to produce what the company claims is 40 percent more ethanol per
ton of biomass over any known competitor. The company reports that
this significant yield advantage leapfrogs first and second
generation ethanol production practices and processes, placing
ZeaChem at the forefront of third generation technology. Compared to
corn ethanol, ZeaChem reportedly delivers nearly six times the land
productivity and nearly three times compared to second generation
cellulosic ethanol.
ZeaChem says it will begin construction in 2009 of its first plant.