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Redwood City-based Virdia, which is developing cellulosic sugars and lignin for use in the renewable chemicals and energy industry, said today that it has raised $100M in a combination of private and public financing. The firm--formerly known as HCL Cleantech--said $75M of the deal came from the Mississippi Development Authority to build manufacturing plants in the state, $20M in equity from Khosla Ventures, Burrill & Company and Tamar Ventures, and $10M in venture debt from Triple Point Capital. Virdia is developing a process to convert cellulosic biomass to sugars and lignin, a feedstock for the renewable chemicals and biofuels industries. The $75M comes in the form of low interest loans. The company also said that package also includes up to $155M in tax incentives over 10 years for the firm.
posted on Tuesday, March 6, 2012 (Link to more information)

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