ZeaChem closes $25M investment, touts Boardman biorefinery
By Christina Williams
Sustainable Business Oregon editor
ZeaChem announced Monday that its Boardman facility was built on budget and will begin production by the end of 2012.
ZeaChem Inc. announced Monday morning the company closed a $25 million Series C investment and the completed construction of its demonstration biorefinery in Boardman.
The refinery has the capacity to product 250,000 gallons per year of cellulosic ethanol. Company officials said the facility was built on budget and will begin production by the end of 2012.
The investment will fund ZeaChem's continued pursuit of commercial deployment of its technology which uses locally sourced biomass to produce acetic acid and ethyl acetate, building block chemicals used in the production of paints, lacquers and other consumer products. The funds will also support the company as it works toward building a commercial-scale version of the plant.
Investors in the $25 million round include Japan-based ITOCHU Corporation, a multi-national trading company, and Macquarie, a global investment banking and financial services group based in Sydney, Australia. Additional Series C investors include: Birchmere Ventures, Firelake Capital, Globespan Capital Partners, Mohr Davidow Ventures, PrairieGold Venture Partners, and Spring Ventures.
"With construction completed, ZeaChem looks forward to starting integrated operations and the production of cellulosic ethanol this year," said Jim Imbler, president and CEO of ZeaChem, in a press release.
ZeaChem announced earlier this month the company was up for a $4.6 million award from the California Energy Commission to support the company's development of a biorefinery in Northern California.
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.