Coskata Inc., a developer of technology for the production of advanced biofuels and biochemicals from biomass and waste materials, 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.
According to William Roe, president and CEO, the 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 US.
After this first close to the round, Coskata plans a final close of the transaction in Q4 of 2011.