@Ventures, the venture capital business of CMGI, Inc., announced today that it has made an investment in Earthanol, Inc. (You've gotta love the name.) According to the company's temporary website, the company's strategy is to develop, build and operate plants that use waste streams from industry, municipalities and agriculture as the feedstock to produce clean-burning ethanol. @Ventures chipped in $2 million. The other investors were Nth Power, Sail Venture Partners, and Calvert Funds and the total round was $7.1 million. Earthanol refers to these firms as clean-energy focused VC investors.
From the press release: "In order to fully realize the promise of biofuels, it is critical that the industry move beyond corn-based ethanol", said Matt Horton, a Principal with @Ventures. "By using waste materials as a feedstock for biofuels production, Earthanol avoids many of the costs and limitations associated with corn-based ethanol."
The site has a helpful explanations of the two methods of producing ethanol: fermentation and synthetic gas catalysis. It also reports that the Earthanol team, led by Larry Folks (CEO and CFO), Scott Noll and Jeff Lee have extensive experience in the development and operation of energy projects, including eight biomass-based power projects in North America, and will focus on developing innovative projects that employ commercially practicable and financeable technologies to convert waste feedstocks to clean-burning ethanol.
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