Massachusetts-based cellulosic ethanol company Qteros secures US$22M in initial tranche of series C financing, will accelerate company's development, commercialization plans
January 5, 2011
– Qteros, Inc., the developer of a unique and highly efficient Consolidated Bioprocessing (CBP) platform for the lowest-cost production of cellulosic ethanol, today announced that it has closed the initial tranche in its Series C financing. The completion of this $22M financing is expected to provide sufficient funding to accelerate the Company's development and commercialization plans.
"I'm pleased to have completed this first phase of financing for the Company, which represents broad participation from both existing and new investors," said John A. McCarthy, Jr., President and CEO. "As we continue to accelerate our commercial plans, which now include our recently announced strategic partnership with Praj Industries, I would expect to continue discussions with a select group of strategic and financial investors who have expressed strong interest in supporting our efforts."
About Qteros, Inc.
Qteros' mission is to accelerate the global commercialization of large-scale, lowest-cost cellulosic ethanol production. Qteros has teamed with a core group of world-class strategic partners that complement and leverage our advanced microbiology and process engineering expertise. Working closely with its strategic partners, Qteros expects to rapidly scale its highly efficient, lowest-cost Consolidated Bioprocessing (CBP) platform for converting non-food biomass into biofuels. Qteros is funded by leading investors in the alternative energy industry including, among others, Venrock Associates, Battery Ventures, BP AE Ventures, Soros Fund Management LLC, and Valero Energy Corporation. For more information, please visit www.qteros.com.