LS9 Inc., a San Carlos, Calif.-based developer of hydrocarbon biofuels and chemicals, has raised $25 million in third-round funding. CTTV Investments, the VC arm of Chevron Technology Ventures, led the round. Return backers include Lightspeed Venture Partners, Flagship Ventures and Khosla Ventures. The company previously raised around $20 million.
LS9, the Renewable Petroleum Company(TM), today announced it successfully completed a $25 million round of funding. Participating investors included CTTV Investments LLC, the venture capital arm of Chevron Technology Ventures LLC; Flagship Ventures; Khosla Ventures and Lightspeed Venture Partners.
In May this year, LS9 announced a strategic partnership with Procter & Gamble to support the joint development and commercialization of LS9 technology to produce key chemicals used within the P&G portfolio of consumer products.
“LS9 is proud to attract recognized leaders in consumer products and transportation fuels,” said Bill Haywood, CEO of LS9. “This clearly illustrates the future potential of LS9 in both the sustainable chemicals and renewable transportation fuels sectors.”
LS9′s revolutionary technology uses a one-step fermentation process to convert renewable plant-based materials into a portfolio of UltraClean(TM) fuels and high-value, sustainable chemicals. “LS9 represents one of the cleanest and most efficient technologies available in the production of high-value, low-carbon, cost effective fuels, and this funding will accelerate our ability to demonstrate commercial level production,” said Stephen del Cardayre, Vice President, Research and Development, LS9.
LS9 is currently producing UltraClean(TM) Diesel at its pilot facility. UltraClean(TM) Diesel has achieved U.S. and Brazilian performance standards for on-road use, and achieves an 85% reduction in green house gas emissions. In addition, LS9 UltraClean(TM) Diesel contains no carcinogens, such as benzene, and only trace amounts of sulfur.
LS9′s technology also makes it possible to create superior products that can uniquely achieve optimal overall performance. LS9 has demonstrated its ability to modify the genetic makeup of its microorganisms and precisely tailor LS9 end products to have improved fuel properties such as cetane, volatility, oxidative stability and cold-flow. LS9 will have demonstration scale production of UltraClean(TM) Diesel in 2010.
In addition to low-carbon transportation fuels, LS9′s one-step fermentation process is capable of producing chemicals used in making industrial and consumer products. LS9 previously announced a partnership with Procter & Gamble to jointly develop and commercialize LS9 technology for use in the production of key consumer chemicals within the Procter & Gamble portfolio.
For more information about LS9 products and capabilities, please visit www.ls9.com.
LS9, Inc., the Renewable Petroleum Company(TM), is a privately-held industrial biotechnology company pursuing the commercial development of renewable fuels and chemicals. LS9 is applying synthetic biology to produce proprietary biofuels that are compatible with existing fuel distribution and consumer infrastructure, as well as high-value industrial chemicals. LS9 is the pioneer in the commercial development of fermentation derived hydrocarbon biofuels and its patent-pending Renewable Petroleum(TM) products are custom engineered in the lab to address immediate market needs for clean energy alternatives to petroleum. The company was founded in 2005 and venture capital firms Flagship Ventures, Khosla Ventures, and Lightspeed Venture Partners have provided funding to date. LS9 is headquartered in South San Francisco, California. For more information about LS9 products and capabilities, please visit www.ls9.com.