Biofuel Firm Raises $46 Million in Third Funding Round

Virent Energy Systems (Madison, WI) has raised $46.4 million in a third funding round, including commitments from Shell and Cargill, the company announced today. Shell had first partnered with Virent in 2008 to build a pilot-scale biogasoline plant, currently capable of producing 10,000 gallons/year. The new funding round will go towards scaling up the company's production to commercialization. Commercial scale is estimated to be around 100 million gallons/year, Virent told CW in March. The $46.4 million raised exceeded the company's initial target of $25-$40...

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