LS9 obtains USD 30m in financing

(ADPnews) - Dec 23, 2010 - US biofuel start-up LS9 Inc on Tuesday said it raised USD 30 million (EUR 22.8m) in a funding round from venture capital firms led by US investment manager BlackRock Inc (NYSE:BLK).

The company will use the proceeds to speed up the commercialisation of its main products and finance additional development and growth programmes.

LS9 said all its previous investors took part in the round, including Flagship Ventures, Khosla Ventures, Lightspeed Venture Partners and CTTV Investments LLC, the venture capital unit of Chevron Technology Ventures LLC.

LS9's technology allows the manufacturing of various fuel and chemical products from renewable plant-based materials in a one-step fermentation process.

The company opened a pilot biofuel production facility in California in 2008 and acquired a larger manufacturing plant in Florida in January 2010.

(USD 1.0 = EUR 0.761)

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