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KiOR receives $25M lifeline from Khosla

1 April 2014

In a Form 8-K filing with the SEC, cellulosic biofuels company KiOR reported that it will receive up to $25 million in multiple tranches of financing of up to $25 million from KFT Trust, Vinod Khosla, Trustee.

In its Form 10-K (annual report) filed with the SEC on 17 March, KiOR said it has “substantial doubts about [its] ability to continue as a going concern” absent additional capital to provide additional liquidity. (Earlier post.)

On 16 March, the company received a $25-million investment commitment from Vinod Khosla (one of the company’s investors), conditioned on the achievement of certain performance milestones to be mutually agreed upon. The investment by KFT Trust is intended to satisfy the commitment from Vinod Khosla.

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Comments

How are these guys even alive at all? I'm betting lots of paychecks have been delayed. The company had only $25M cash left in the last report.

I appreciate Khosla's risk-taking and boldness. He's put up a ton of his own dough. We never get anywhere without those willing to take the long jump. But with all the investor and government dollars lost on Range Fuels, at risk on LanzaTech, and teetering at KiOR, I think his reputation must be sagging. Thanks goodness KiOR never took Federal money (though the folks from Mississippi and Alberta must be cranky right now).

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