Ciris Energy, Inc., an emerging natural gas production company which uses proprietary technology to convert both underground and mined low-rank coal to pipeline-quality methane biochemically at large scale and low cost, has raised equity in its second round of financing, led by new investor Khosla Ventures.
Existing investors Braemar Energy Ventures, Rho Ventures, and GE Energy Financial Services, a unit of GE, also participated in the funding. Financial details were not disclosed.
Lab and field test results cited by the company indicated that its technologies are more economical than conventional and unconventional natural gas development and thermochemical gasification processes. The financing will allow Ciris to implement its first commercial-scale projects for in-situ biochemical conversion of coal to methane, and bring its ex-situ biochemical coal conversion technology to commercial-ready status.