Even though ethanol maker Coskata is backed by some of the biggest names in cleantech — Khosla, General Motors — and had one of the splashiest company launches in the industry, the team was reluctant to provide details about their latest funding round. Well, that’s why we have good ol’ regulatory filings and fun sites like PEhub.com that access those filings and can track down the deets.
According to PEhub.com, Coskata raised $19.5 million for its Series B funding, and backers included Globespan Capital Partners, GM, Khosla Ventures, GreatPoint Ventures and Advanced Technology Ventures. Globespan wasn’t included in the lineup when we last talked to the company, so perhaps they recently joined the investor list. It also isn’t clear if the company closed this amount back in January, when Coskata came out of stealth.
Given that Coskata raised $10 million back in 2006, this puts the company’s total funding at close to $30 million — pretty substantial for a 20-month-old firm. Coskata makes commercial-scale ethanol using either biomass (like energy crops switch grass), municipal solid waste or other recycled materials (like old tires – one reason GM is interested) that it claims could sell anywhere from 50 cents to $1 per gallon less than gasoline. And those are price points any VC firm or auto maker can love.