SG Biofuels pockets USD 9.4 million in equity financing
(ADPnews) - Sep 14, 2010 - US sustainable plant oil company SG Biofuels Inc said today it had raised USD 9.4 million (EUR 7.3m) in a series A stock offering to back its research activities to turn Jatropha seeds into high-yielding, cheap feedstock for diesel, jet fuel and petrochemicals.
Domestic bio-tech tools company Life Technologies Corp (NASDAQ:LIFE), Kansas-based Flint Hill Resources and existing investors subscribed for the shares.
Jatropha curcas is a non-edible shrub that is native to Central America. Its seeds contain high amounts of oil that can be refined using existing technology to produce diesel fuel, jet fuel, and specialty chemicals. It can be effectively grown on marginal lands that are considered undesirable for other crops.
At the beginning of 2010, SG Biofuels and Life Technologies agreed to cooperate to further speed up the development of Jatropha with Life Technologies' biotechnology and synthetic biology tools. They recently announce the completion of the sequence of the plant's genome.