Renewable fuels company KiOR closes US$75M loan to fund further R&D on turning non-food biomass into gas, diesel, fuel-oil blendstocks
January 27, 2012
– Additional Capital Bolsters Financial Strength and Fuels Continued Expansion
KiOR, Inc., a next-generation renewable fuels company, today announced that it has closed a $75 million four-year term loan with a lender group comprised of an affiliate of Vinod Khosla and two Canadian corporations owned by certain pension fund clients of Alberta Investment Management Corporation (AIMCo).
"This follow-on investment in KiOR reaffirms the continued long-term commitment of two of North America's most knowledgeable renewable energy investors in light of KiOR's on-time and on-budget execution of its first commercial facility in Columbus, Mississippi; KiOR's continued progress toward yield improvements in its R&D program; and prospects for KiOR's larger, second facility in Mississippi planned to break ground after our Columbus facility is fully operational," commented Fred Cannon, Chief Executive Officer. Concluding, Mr. Cannon added: "The additional capital de-risks KiOR's near-term business plan, decreases KiOR's dependency on volatile capital markets and allows additional front-end engineering work on our second facility."
KiOR is a development stage, next-generation renewable fuels company that has developed a unique two-step proprietary technology platform to convert abundant and sustainable non-food biomass into gasoline, diesel and fuel oil blendstocks. KiOR's blendstocks may be transported using existing distribution networks and are suitable for use in vehicles on the road today. KiOR strives to help ease dependence on foreign oil, reduce lifecycle greenhouse gas emissions and create high-quality jobs and economic benefit across rural communities. For more information, please visit www.KiOR.com.
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