Saturday, September 26, 2009

LS9 Secures $25 million from Chevron, Khosla among others


LS9 completed a $25 million round of funding. Participating investors included CTTV Investments LLC, the venture capital arm of Chevron Technology Ventures LLC; Flagship Ventures; Khosla Ventures and Lightspeed Venture Partners.

In May this year, LS9 announced a strategic partnership with Procter & Gamble to support the joint development and commercialization of LS9 technology to produce key chemicals used within the P&G portfolio of consumer products.

"LS9 is proud to attract recognized leaders in consumer products and transportation fuels," said Bill Haywood, CEO of LS9. "This clearly illustrates the future potential of LS9 in both the sustainable chemicals and renewable transportation fuels sectors."

LS9's revolutionary technology uses a one-step fermentation process to convert renewable plant-based materials into a portfolio of UltraClean(TM) fuels and high-value, sustainable chemicals. "LS9 represents one of the cleanest and most efficient technologies available in the production of high-value, low-carbon, cost effective fuels, and this funding will accelerate our ability to demonstrate commercial level production," said Stephen del Cardayre, Vice President, Research and Development, LS9.

LS9 is currently producing UltraClean(TM) Diesel at its pilot facility. UltraClean(TM) Diesel has achieved U.S. and Brazilian performance standards for on-road use, and achieves an 85% reduction in green house gas emissions. In addition, LS9 UltraClean(TM) Diesel contains no carcinogens, such as benzene, and only trace amounts of sulfur.

LS9's technology also makes it possible to create superior products that can uniquely achieve optimal overall performance. LS9 has demonstrated its ability to modify the genetic makeup of its microorganisms and precisely tailor LS9 end products to have improved fuel properties such as cetane, volatility, oxidative stability and cold-flow. LS9 will have demonstration scale production of UltraClean(TM) Diesel in 2010.

In addition to low-carbon transportation fuels, LS9's one-step fermentation process is capable of producing chemicals used in making industrial and consumer products. LS9 previously announced a partnership with Procter & Gamble to jointly develop and commercialize LS9 technology for use in the production of key consumer chemicals within the Procter & Gamble portfolio.

LS9 is engineering a wide range of DesignerMicrobes™ that are used in a proprietary 1-step fermentation process to produce renewable fuels and sustainable chemicals.

Renewable Fuels: LS9 Renewable Petroleum™ technology enables the rapid and widespread adoption of renewable transportation fuels. Patent-pending UltraClean™ fuels are custom engineered to have higher energetic content than ethanol or butanol; to have fuel properties that are essentially indistinguishable from those of gasoline, diesel, and jet fuel; and to be distributed in existing pipeline infrastructure and run in any vehicle.

Sustainable Chemicals: Using the same technology platform, LS9's 1-step fermentation process enables the production of industrial and consumer chemicals using sustainable feedstocks that are significantly less carbon-intense and extremely cost competitive.

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