Mascoma raises $50 million in second round financing; Khosla Ventures, Kleiner Perkins among backers of second generation biofuels venture

In Massachusetts, Mascoma has raised an additional $30 million in equity and $20 million in debt from Khosla Ventures, Atlas Venture, Flagship Ventures, Kleiner Perkins, Pinnacle Ventures, and VantagePoint Venture Partners. A Dartmouth College spin-off, Mascoma has commenced construction of its demonstration-scale plants, and is raising money to complete construction and fund future commercial-scale plants.

The company previously raised $40 million in venture funding and has received grants from three states related to its research. Dartmouth professors Lee Lynd and Charles Wyman founded Mascoma in 2005.

Mascoma decided late last year to move the location of its proposed cellulosic ethanol plant from Greece to Rome (NY), citing the need to be closer to biomass sources and the suitability of the former Griffiss Air Force Base as a facility. The switch had been mooted for some time and in September Mascoma appeared before the Oneida County Board in support of its plans to open in Rome.
The proposed demonstration plant would produce 500,000 gallons per year of cellulosic ethanol, and will commence production by March. The plant has received $14.8 million in assistance from New York state.

Last November, Mascoma acquired Celsys BioFuels, a cellulosic ethanol production technology company founded by a Purdue University team last year. The founder of Celsys has become the CTO of Mascoma.

Free Subscription to the Daily Biofuels Digest e-newsletter

Related Stories

Amyris Technolgies closes $70 million in second-round financing to pursue new biofuel conversion technologies

In California, Amyris Biotechnologies has closed the first tranche of its $70 million Series B funding led by DAG Ventures and joined by Khosla Ventures, Kleiner Perkins Caufiled & Byers and TPG Ventu...

Mascoma announces layoffs, including company president, as cellulosic ethanol finance conditions deteriorate

In Massachusetts, cellulosic ethanol pioneer Mascoma announced that it had laid off up to 10 employees, including the company's president, Colin South. South, a New Zealander, was a co-founder of t...

GM invests in single-step cellulosic ethanol pioneer Mascoma

In New Hampshire, General Motors and Mascoma announced a strategic relationship to develop cellulosic ethanol, which included an undisclosed equity investment in Mascoma by GM. Mascoma's single-step b...

Marathon Oil invests $10 million in Mascoma

In Massachusetts, Mascoma received another $10 million in financing with an equity investment by Marathon Oil. The company said that it had received a total of $61 million in its latest funding drive,...

Amyris Biotechnologies raises $41.7 million to date in Series C investment round

In California, Greentech Media is reporting that Amyris Biotechnologies has received new investment from GrupoCornelioBrennand in Brazil and Naxos in the United Kingdom,  among other investors in the...

Mascoma finalizing Michigan deal to build its first commercial scale ethanol plant

In Michigan, Mascoma is finalizing negotiations with the state government to locate its first commercial-scale plant in Chippewa county. The state has pledged $15 million towards the project, which wi...