Virdia was founded in 2007 as HCL CleanTech— a US-Israeli biofuels technology development company focused on full process technology for conversion of woody biomass to fermentable sugars and advanced biofuels. (Earlier post.) Virdia has developed the CASE concentrated acid hydrolysis process, which converts cellulosic biomass to high quality fermentable sugars and lignin for use as feedstocks, and is based on a series of patented and patent-pending technologies. The company plans to establish its cellulosic refineries close to sustainable sources of biomass.

New Chief Executive Officer Philippe Lavielle is a veteran of the industrial biotech sector. Lavielle replaces co-founder Eran Baniel as CEO, who now serves as vice president of business development. Before joining Virdia, Lavielle was a member of the executive management at Genencor, a $1-billion world leader in industrial enzymes recently acquired by DuPont, where his responsibilities included global business development in the fields of renewable energy and biochemicals.

To fund its piloting activities and engineering plans, Virdia recently closed its latest round of financing, raising more than $20 million from insiders, Khosla Ventures, Burrill & Company and Tamar Ventures. In addition, the company closed $10 million in a venture debt deal with Triple Point Capital.

The company also announces that it recently signed a memorandum of understanding with the Mississippi Development Authority to build manufacturing facilities in the biomass-rich state. The agreement includes an incentive package with $75 million in low-interest loans, as well as up to $155 million in various tax incentives over a 10-year period. Virdia’s cellulosic sugar plants are expected to create hundreds of new jobs over the same decade.