ZeaChem raises $19M
By Christina Williams
Sustainable Business Oregon
ZeaChem Inc. announced Tuesday it closed a $19 million series C financing round led by Birchmere Ventures.
The Lakewood, Colo.-based company, which is building a biorefinery near Boardman that will process biomass into the building blocks for alternative fuels and green chemicals, also named two industry veterans to its board of directors.
Ross Pillari, former chairman and CEO of BP America Inc. and Charles “Charlie” Shaver former president of The TPC Group Inc. will both join ZeaChem's board as independent directors.
ZeaChem has raised $59 million in venture capital to date, closing its $34 million series B in 2009 and bringing in a $6 million series A in 2006. The company received a $25 million grant to develop its technology and build the Boardman refinery in 2009.
Last month, ZeaChem announced it won a $12 million of a $40 million grant from the U.S. Department of Agriculture to develop additional processing capacity and broaden the portfolio of the refinery's capabilities.
@SustainableBzOR | christinawilliams@bizjournals.com
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