Cobalt Technologies, a Mountain View, CA-based developer of biobutanol as a renewable chemical and fuel, has closed a $20M Series D funding round.
The round was led by The Whittemore Collection Ltd., with participation from existing investors Pinnacle Ventures, Malaysian Life Sciences Capital Fund, VantagePoint Capital Partners, Life Sciences Partners (LSP), @Ventures, Harris & Harris and Burrill and Company.
The company intends to use the funds to build out its new 470,000 gallon per year demonstration plant in Alpena, Michigan, which will be one of the world’s firsts cellulosic biorefinery for the production of the industrial chemical n-butanol.
In addition, the capital will help Cobalt expand its network of strategic relationships, begin development of its first commercial facilities and progress its partnership with the U.S. Navy to develop bio jet fuel.
Led by CEO Rick Wilson, Ph.D., the company has developed a continuous process that takes non-food feedstocks like sugar cane bagasse, woody biomass, palm waste and glycerol from biodiesel production and converts it into renewable biobutanol.
FinSMEs
02/05/2011