Thursday, January 8, 2009

Biofuels Firm Bolsters Funding For Oregon Plant

A Colorado-based biofuels firm, with plans to build a cellolosic ethanol biorefinery in Oregon, has just grabbed additional venture funding for its efforts. Lakewood, Colorado-based ZeaChem said today that it has raised $34M in a Series B funding, led by Globespan Capital Partners and PrairieGold Venture Partners along with prior investors MDV-Mohr Davidow Ventures, Firelake Capital, and Valero Energy Corporation, for its biorefinery platform. ZeaChem is developing a way to convert cellulose-based green fuels into ethanol. The firm said the funding will go towards building the firm's first cellulosic biorefinery, which the company had earlier said will be built at a tree farm near Boardman, Oregon. The firm has inked a deal with GreenWood Resources, a Portland-based lumber firm, to provide it with feedstock for its plant. GreenWood will provide poplar (Pacific albus) trees to fuel the biofuel effort.