Virent aims to raise $25-$40 million in Series C financing

In Wisconsin, Virent Energy Systems said that it intends to raise $25 to $40 million in its Series C financing, and said that the new round would be led by new investors although participation is expected from Honda, Cargill and other investors from earlier rounds. The company has raised $70 million to date for its renewable gasoline product made from cellulose.

Virent, which was ranked #3 in the “Hottest 50 Companies in Bioenergy” last year by Biofuels Digest, uses a catalytic process to convert sugars from cellulosic feedstocks such as switchgrass, sugar beets or sugarcane into green gasoline as a drop-in replacement for fossil fuels.

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