Cosakata closes financing for Series D round

In Illinois, US, Coskata, a developer of biofuels technology, has completed the first close of its Series D round of financing.

Key investors which have participated in previous rounds include The Blackstone Group, Khosla Ventures, Total Energy Ventures International (part of oil and gas giant Total), ATV, Globespan Capital Partners, General Motors, Arancia, and Sumitomo.

'We are very pleased with the continued commitment of our existing investors and their confidence in our technology platform,' says William Roe, president and CEO of Coskata. 'Proceeds from this transaction will go towards funding the remaining steps to commercialisation.'

Coskata opened a demo-scale biorefinery in Madison, Pennsylvania in 2009 and in 2011 was awarded a conditional commitment for a loan guarantee from the US Department of Agriculture (USDA). This funding will be used to build a commercial-scale cellulosic ethanol plant.

Following the first closure of this round, Coskata now plans to finally close the transaction by the end of this year.