ZeaChem, a developer of cellulosic ethanol and biochemicals, has raised an additional $5 million
$24 million in new equity financing. This brings the total raised for the Series C to more than $24 million.
The Lakewood, Colo. company refers all questions to the information outlined . This latest investment comes a month after ZeaChem announced a $19 million Series C financing led by Birchmere Ventures. Company backers also include Firelake Capital Management, Globespan Capital Partners, Mohr Davidow Ventures, PrairieGold Venture Partners and Spring Ventures.
Launched in 2002, ZeaChem has developed a conversion technology that uses bacterias called acetogen to turn wood residues into ethanol and other green chemicals. To scale this this technology, the company recently launched construction of a 250,000 gallons per year refinery in Boardman, Ore. The plant is expected to cost about $73 million to build and financing is coming from its private backers, as well as state and federal grants, including a potential $25 million DOE grant financing part of the plant’s conversion technology.
Over the past year ZeaChem has also inked a number of agreements, including a $40 million Department of Agriculture grant to develop drop-in jet and diesel biofuels. It also has a similar R&D agreement with car maker Chrysler.
Corrections and Amplifications 11.23.11: ZeaChem raised an additional $5 million from an unamed investors, bringing the total raised by the Colorado company, in its Series C, to a little more than $24 million.