Virent raises $46M for biofuel production (Milwaukee)
Virent Energy Systems Inc. of Madison said Tuesday it has raised $46.4 million in a third round of funding supporting the firm's production of sustainable "biogasoline" from plant sugars.
The investment agreement deepens commitments from Royal Dutch Shell and Cargill Inc. into Virent's BioForming process, which converts plant sugars into hydrocarbon molecules like those produced at a petroleum refinery. With its investment, Shell will gain an undisclosed equity stake in the firm.
Virent began producing biogasoline in March at a demonstration plant in Virent's facility in Madison. The latest round of financing will be used to scale the process to commercial production volumes.
The investment agreement also expands an existing research and development collaboration with Shell for the production of biogasoline to include diesel fuel. With its new equity stake, Shell will also have a seat on Virent's board. The investment round is further highlighted by 100 percent participation from existing investors.
Read more in The Business Journal of Milwaukee.
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