By CEN Staff

Investors include major venture capital firms
and largest petroleum refiner in the U.S.

Lakewood - Colorado startup, ZeaChem Inc., announced today that it has raised $34 million in initial Series B financing. The developer of biorefineries for the conversion of biomass into fuels and chemicals was recently profiled in Colorado Energy News - click here to go to the article.

The funding round was co-led by venture capital investors Globespan Capital Partners and PrairieGold Venture Partners with follow-on investment by MDV-Mohr Davidow Ventures, Firelake Capital and Valero Energy Corporation, the largest petroleum refiner in the United States.
 
ZeaChem is developing a cellulose-based green fuels and chemicals biorefinery platform that converts renewable non-food biomass into market-competitive products such as ethanol.  The new funds will be used to build ZeaChem’s first cellulosic biorefinery, with construction expected to start later this year.

“ZeaChem has made tremendous progress over the past year towards commercializing its hybrid cellulosic ethanol technology,” said James Imbler, the company’s president and chief executive officer (pictured on homepage post excerpt).
 
“The initial Series B funding will allow us to produce the highest yield, lowest capital cost, lowest carbon footprint bio-based fuels and chemicals benefitting our investors, strategic partners, and our future customers. Securing such funding in a challenging economy -from industry leaders in both energy and venture capital - is testament to the value of ZeaChem’s third generation cellulosic ethanol platform.” 

 ”Colorado is well-positioned to support innovation in the renewable fuels industry,” said Don Elliman, executive director of the Colorado Office of Economic Development and International Trade.

“As the country faces tough economic times, ZeaChem’s announcement that it has raised financing is good news, and we look forward to supporting their continued success in Colorado’s ‘New Energy Economy’.”

ZeaChem’s technology approach combines the best of biochemical and thermochemical processes to produce 40 percent more ethanol per ton of biomass over any known competitor. The company says such a significant yield advantage leapfrogs first and second generation ethanol production practices and processes, and makes ZeaChem at the forefront of third generation technology.