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 the company in 2005, which has subsequently closed three rounds of venture financing with Khosla Ventures, Flagship Ventures, Kleiner Perkins, General Motors and Marathon Oil among its investors.
The company has received more than $90 million in grants and incentives from the Department of Energy and the state of New York towards the cost of its cellulosic ethanol demonstration plant. The company said that the layoffs were in direct response to conditions in the capital markets.
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