Mascoma Update: Cellulosic Ethanol Company Adds $10 Million From Marathon Oil
AutoblogGreen reported today that the cellulosic ethanol company Mascoma has received another $10 million for research and development from Marathon Oil. This comes after GM’s undisclosed equity share in the same company was announced last week, and puts the grand total raised in this round of financing at $100 million.
The deal will put Marathon Oil’s Senior Vice President Cliff Cook on Mascoma’s Board of Directors. Marathon President and CEO commented: “This investment in Mascoma’s leading-edge technology reflects our commitment to address increasing energy demand by bringing to market environmentally friendly, renewable fuel derived from non-food domestic biomass.”
Cellulosic ethanol is hot. Let’s hope all this investment money puts it out on the street soon.