Source: Coskata Inc.
Coskata Inc., a developer of platform technology for the production of biofuels and biochemicals from biomass and waste materials, today announced that it has closed a round of equity financing. French oil major TOTAL invested in the round and will have a seat on Coskata’s Board of Directors. The proceeds of the financing will support Coskata’s bio-ethanol commercialization activities while ensuring advancement of new product technologies. Also participating in the transaction were a number of Coskata’s prior investors, including Blackstone Cleantech Venture Partners, Khosla Ventures, Advanced Technology Ventures (ATV), Globespan Capital Partners, and Arancia.
“This investment by TOTAL, one of the world’s largest oil and gas companies and a major player in chemicals, confirms the potential of our technology platform and enhances our plans for commercial deployment,” said Bill Roe, President and CEO of Coskata. “Having a strategic investor with a long-term view of developing and advancing Coskata’s platform technology will strongly enhance our position in the biofuels and chemicals markets.”
“Coskata has already successfully demonstrated its syngas conversion technology at a significant scale, and we are pleased to support this promising platform technology for the further steps of its development,” said Manoelle Lepoutre, Senior Vice president Sustainable Development and Environment of TOTAL SA, and President of Total Energy Ventures International.
Coskata Inc. is a biology-based renewable energy company with a platform technology that enables the low-cost production of biofuels and chemicals, from virtually any carbonaceous material. Using anaerobic microorganisms and innovative bioreactor designs, we create and enable additional energy resources worldwide.