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Synthetic biology company LS9 has raised $30 million to help fund commercialization of its process of turning plants into diesel fuel.
A diagram of LS9's one-step process for converting biomass into diesel fuel.
(Credit:LS9)
The funding was led by giant global private equity company Black Rock. Money also came from investor investors Flagship Ventures, Khosla Ventures, Lightspeed Venture Partners and CTTV Investments, the venture capital arm of Chevron, according to LS9.
San Francisco-based LS9 has developed a fermentation-based process for converting sugar in plants into petroleum replacements using genetically engineered e. coli bacteria. The same process can be modified to manufacture different chemicals as well.
Earlier this year, researchers at the company published a paper describing its technology which it says can create liquid fuels in one step, making it relatively cost effective compared to other biofuels technology.
With the money, LS9 plans to continue building a demonstration facility in Florida which uses sugar cane to make diesel fuel and develop its operations in Brazil.
To scale up their products, many green-technology are seeking money from private equity companies which typically have more capital available for large plants or manufacturing facilities than venture capitalists. In a statement, LS9 CEO Ed Dineen said Black Rock's investment will allow it to speed up plans to deploy its technology.
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A diagram of LS9's one-step process for converting biomass into diesel fuel.(Credit:LS9)
The funding was led by giant global private equity company Black Rock. Money also came from investor investors Flagship Ventures, Khosla Ventures, Lightspeed Venture Partners and CTTV Investments, the venture capital arm of Chevron, according to LS9.
San Francisco-based LS9 has developed a fermentation-based process for converting sugar in plants into petroleum replacements using genetically engineered e. coli bacteria. The same process can be modified to manufacture different chemicals as well.
Earlier this year, researchers at the company published a paper describing its technology which it says can create liquid fuels in one step, making it relatively cost effective compared to other biofuels technology.
With the money, LS9 plans to continue building a demonstration facility in Florida which uses sugar cane to make diesel fuel and develop its operations in Brazil.
To scale up their products, many green-technology are seeking money from private equity companies which typically have more capital available for large plants or manufacturing facilities than venture capitalists. In a statement, LS9 CEO Ed Dineen said Black Rock's investment will allow it to speed up plans to deploy its technology.
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