Coskata Holds First Close of Series D Round of Financing
Coskata Inc., a Warrenville, Illinois-based developer of technology for the production of advanced biofuels and biochemicals from biomass and waste materials, held a first close of its Series D round of financing.
The amoungt remained undisclosed.
Backers include existing investors The Blackstone Group, Khosla Ventures, Total Energy Ventures International (part of Total), ATV, Globespan Capital Partners, General Motors, Arancia, and Sumitomo.
The company, which plans a final close of the transaction in the fourth quarter of 2011, intends to use the proceeds for the remaining steps to commercialization.
Led by president and CEO William Roe, Coskata is a biology-based renewable energy company with a platform technology that enables the low-cost production of biofuels and chemicals, from virtually any carbonaceous material. It has been operating a demonstration-scale integrated biorefinery in Madison, Pennsylvania since 2009. In 2011 it received a conditional commitment for a loan guarantee from the United States Department of Agriculture to build a commercial-scale facility for the production of fuel-grade, cellulosic ethanol in the Southeast U.S.