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.
- » See also: Biofuel Update With Emerson Process Management
- » Get Gas 2.0 by RSS or sign up by email.
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.
Via: AutoblogGreen
The oil companies see the writing in the wall, since they’re increasingly locked out of the remaining oil reserves. If they want to stay in business, they need to diversify. Companies like this will attract more and more private investment like this. And that’s how the market’s supposed to work.
This is like Hitler solving the holocaust.
Oh please. I guess the oil companies can do no right, can they? Whatever they do must be wrong by definition. Whatever happened to evaluating a technology on the merits instead of who is funding it?
Cervus,
Believe me I have nothing but high expectations for the algae biodiesel. But if oil companies are going to be involved they will do everything possible to keep there same profit ratio. We need more companies in the free market to drive prices down, not more of the same.