ZeaChem raises $34 million for high-yield cellulosic ethanol plant

In Colorado, ZeaChem announced that it has raised $34 million in Series B financing from Globespan Capital Partners, PrairieGold Venture Partners, MDV-Mohr Davidow Ventures, Firelake Capital and Valero Energy.  ZeaChem is developing a cellulose-based green fuels and chemicals biorefinery platform that converts poplar biomass into ethanol.

The new funds will be used to build ZeaChem’s first cellulosic biorefinery; construction will commence in 2009. ZeaChem’s process has produced 40 percent more ethanol per ton of biomass over any known competitor, according to management.  Compared to corn ethanol, ZeaChem delivers nearly six times the land productivity and nearly three times compared to second generation cellulosic ethanol.

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