Virent biofuel gains further funding
Virent Energy Systems expects to raise $25 million (€18 million) to $40 million by the end of the year in its third round of financing, as it looks to enter into the biofuels sector.
The Wisconsin-based company’s previous rounds of funding already raised approximately $70 million, which is currently financing the building a 10,000 gallon per year plant set to come online this year.
Depending on funding, the company intends to build a 100 million gallon per year plant by 2015 and one similar-sized plant per year in the years after that to 2020. The company hopes to form joint ventures to help deal with the costs of building the plants which can cost hundreds of millions of dollars.
Virent currently produces about a litre per day of the fuel from plant sugars through a catalytic process with metals, breaking down sugars from a variety of feedstocks such as switch grass, sugar beets and sugarcane.
The Wisconsin-based company’s previous rounds of funding already raised approximately $70 million, which is currently financing the building a 10,000 gallon per year plant set to come online this year.
Depending on funding, the company intends to build a 100 million gallon per year plant by 2015 and one similar-sized plant per year in the years after that to 2020. The company hopes to form joint ventures to help deal with the costs of building the plants which can cost hundreds of millions of dollars.
Virent currently produces about a litre per day of the fuel from plant sugars through a catalytic process with metals, breaking down sugars from a variety of feedstocks such as switch grass, sugar beets and sugarcane.
Loading ...
