Last update: 09.07.2011
Biofuel Startup KiOR Seeks to Raise up to $100M in IPO
Source : reuters.com
Biocrude startup KiOR filed to raise up to $100 million in an IPO on Monday, becoming the latest Khosla Ventures-backed biofuel company to seek the support of the public markets. It also laid out how its biomass-to-crude oil substitute process - unusual in an industry that has concentrated on producing ethanol or biodiesel - can compete on costs and logistics with the oil industry at large. Indeed, KiOR says in its S-1 that it's shooting for an unsubsidized production cost below $1.80 per gallon of gasoline or diesel for its wood chips-to-biocrude technology. That's cheaper than competing technologies seeking to turn non-food feedstocks like straw, grass and wood chips into ethanol or biodiesel. The catch is, that price is expected to come from a facility that could take 1'500 tons of feedstock per day. But the Lyle, Texas-based startup is only running a 10 tons-per-day demonstration plant right now, so it will need to scale up to prove those figures.
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13 April 2011 |
United States & Canada
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