Proterro said Monday it completed a $3.5 million financing round led by current investor Braemar Energy Ventures. Cultivian Ventures and Middleland Capital joined as new investors, with other existing investors, Battelle Ventures and its affiliate, Innovation Valley Partners, also participating in the round. Proterro, of Ewing, N.J., makes sucrose instead of extracting it from crops.
Proterro, Inc., the only company making sugar instead of extracting it from crops, has closed on a $3.5- million financing round led by current investor Braemar Energy Ventures.
Cultivian Ventures and Middleland Capital joined as new investors, with other existing investors, Battelle Ventures and its affiliate, Innovation Valley Partners, also participating in the round.
“What’s holding back the adoption of biofuels and biobased chemicals is the high cost of producing and delivering feedstock today,” said Ron Meeusen, Cultivian’s founder, who joins the Proterro Board of Directors.
“From day one Proterro has made breaking that cost barrier its mission and its disruptive technology has already consistently shown the potential to make low-cost sugar a reality – giving the industry the boost it needs,” Meeusen continued, explaining why Cultivian decided to invest in the company. “Proterro stands out for its unique approach to meeting the biggest challenge facing this marketplace today.”
“Proterro’s novel process for developing sucrose differentiates the company from all other approaches, which extract sugars from biomass,” echoed Bill Lese, managing partner at Braemar Energy Ventures.
“The company has made tremendous progress and this financing will help propel it further, into a new phase of development,” Lese added, noting that Proterro received a notice of allowance from the United States Patent and Trademark Office on a cornerstone composition of matter patent protecting the company’s unique, engineered sucrose-producing cyanobacteria and their genetic code.
“This capital infusion will support our continued work on optimizing the genetic engineering of the microorganism and adding to our patent portfolio,” said Proterro CEO Kef Kasdin. “The funds also will enable us to accelerate the path to business partnerships, through piloting a full-scale photobioreactor and completing designs for our demonstration-scale facility,” she explained.
Proterro is the only company that makes sucrose instead of extracting it from crops. Proterro combines its core “microorganism technology” with its patent-pending, high-density, modular, solid-phase photobioreactor for scalable production of the only non-crop-based, noncellulosic, clean sucrose that avoids the pricing volatility associated with corn and other feedstock markets. The company projects it can produce its sucrose at a cost of less than $.05/lb., which is far less than sugarcane, corn, other energy crops, or cellulosic sugar approaches. The company was recognized as one of the top 10 innovative companies during Q4 2011 by Lux Research, which said the company stood out for its “disruptive potential.” Proterro CEO Kasdin has been named one of the top 100 people in bioenergy and one of the top 10 influential women in the biofuel business. Proterro’s leadership team includes advisors with extensive experience from BP, Cargill, Gevo and Solazyme. For more information, please visit www.proterro.com
For more on Proterro’s patent news, see:
USPTO Issues Notice of Allowance to Proterro
USPTO Notice of Allowance allowed claims excerpts
About Braemar Energy Ventures
Braemar Energy Ventures is a venture capital fund making early- to mid-stage investments in the energy technology sector. The firm’s principals have invested in more than 60 companies in the sector and have extensive technical, operational and financial experience in energy and energy-related industries. Braemar partners with exceptional companies and management teams, in both alternative and traditional energy markets that can contribute to a more profitable and efficient energy landscape through innovation and marketplace expertise.
For more information, please visit www.braemarenergy.com
About Cultivian Ventures
Cultivian Ventures, LP, is a venture capital fund focused on high-technology opportunities in the food and agricultural sectors. Cultivian operates from the U.S. Midwest, which hosts the world’s greatest concentration of public and private R&D spending for food and agricultural markets. Cultivian works closely with the management of emerging technology companies to bring cutting-edge technology solutions to market. The fund focuses on investments in the following areas: animal health, biobased products and processes, environmental technologies, food safety, human wellness, and production technologies. For more information, please visit www.cultivian.com
About Middleland Capital
Middleland Capital is a private investment firm focused on global early-stage technology opportunities. Leveraging a unique breadth of geographic and industry experience, the firm seeks long-term partnerships with exceptional management teams to commercialize innovative technologies, accelerate growth and build long-term value around the world. For more information, please visit www.middlelandcap.com
About Battelle Ventures
Battelle Ventures, L.P., and its affiliate fund, Innovation Valley Partners (IVP), create and accelerate the development of early-stage technology companies with breakthrough solutions to key market problems. The funds enjoy close relationships with the technology transfer offices of the National Laboratories that Battelle Memorial Institute (Battelle) manages or co-manages for the U.S. Department of Energy. They also have established similar associations with a number of university tech transfer and commercialization departments. For more information, please visit www.battelleventures.com
Note: Proterro is a trademark of Proterro, Inc. Any other names of actual companies, organizations, entities, products or services may be the trademarks of their respective owners.