EdeniQ, a Visalia, California-based clean technology company serving the global biofuels industry, closed a $12.4m Series B round of financing. The investment was led by Draper Fisher Jurvetson, with participation from The Westly Group, Kleiner Perkins Caufield & Byers, Cyrus Capital, Angeleno Group, LLC, Element Partners, Morgan Stanley & Company, Advanced Equities, Inc., Omninet, Nimes Capital, and others.
In conjunction with the funding, Jennifer Fonstad of Draper Fisher Jurvetson and Daniel Weiss of Angeleno Group will join the company’s board of directors.
EdeniQ, which is delivering proprietary solutions that help bio-refiners worldwide reduce operating costs and improve environmental results, is also developing a technology that will enable biofuels producers to economically convert a wide range of renewable, non-food biomasses into clean and affordable fuels.
The capital infusion will enable the company to speed deployment of its existing yield enhancement technologies and to further develop its Corn-to-Cellulose Migration (CCM) program, which was recently awarded a $20.4m grant from the U.S. Department of Energy.
FinSMEs
28/04/2010