Mascoma gets $14.8M to produce ethanol from biomass
Mascoma, a Cambridge, Mass. start-up that is trying to become the first commercial developer of cellulosic ethanol — something some environmentalists see as the most promising prospect for alternative, anti-global warming fuel — has won $14.8 million more in financing.
This comes after the company raised $30 million in fresh funding last month from Silicon Valley venture firm Kleiner Perkins and others.
The latest award, given by New York State Department of Agriculture and Markets and the New York State Energy Research and Development Authority, is for Mascoma to build a $20 million cellulosic ethanol plant in Rochester, New York. The plant will be the first commercial cellulosic ethanol plant in the U.S. to produce ethanol from wood-based biomass.
We wrote previously about the company here.
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