Date: August 19, 2011
Source: Coskata Inc.
Waste-to-fuel developer Coskata Inc. said it closed its first Series D round of financing. The company did not disclose an amount for the round, but said that existing investors including the Blackstone Group, Khosla Ventures, Total Energy Ventures International, ATV, Globespan Capital Partners, General Motors, Arancia and Sumitomo all participated. Coskata employs a gasifier to convert waste products into a syngas which is then converted into fuels or chemicals.
PRESS RELEASE
August 19, 2011
Coskata Inc. Completes First Close of Series D Financing Round
Coskata Inc., a developer of technology for the production of advanced biofuels and biochemicals from biomass and waste materials, today announced a first close of its Series D round of financing. The major investors from previous rounds participated, including The Blackstone Group, Khosla Ventures, Total Energy Ventures International (part of Total, one of the world's major Oil and Gas groups), ATV, Globespan Capital Partners, General Motors, Arancia, and Sumitomo.
"We are very pleased with the continued commitment of our existing investors and their confidence in our technology platform," said William Roe, president and chief executive officer of Coskata, Inc. "Proceeds from this transaction will go towards funding the remaining steps to commercialization."
The company 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.
After this successful first close to the round, Coskata plans a final close of the transaction in Q4 of 2011.
About Coskata
Coskata Inc. 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. Using anaerobic microorganisms and innovative bioreactor designs, we create and enable additional energy resources worldwide.
The process combines the flexibility of gasification with the efficiency of biological conversion of syngas into fuels or chemicals. Coskata has assembled an experienced management team to lead the development and commercialization of its compelling technology. For more information, please visit www.coskata.com.
For more information, contact:
Coskata Inc.
Allison Cowan, 312-377-4129
ACowan@oco.com.
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