US-based biofuel technology developer Edeniq has raised more than $16m in a series D round featuring chemicals and biofuels producer Flint Hills Resources Renewables.
The round was led by cleantech-focused venture capital firm I2BF Global Ventures and also included Draper Fisher Jurvetson (DFJ), Angeleno Group, Westly Group, Cyrus Capital and Nimes Capital.
Edeinq supplies cellulosic biofuel production technology that can be integrated into existing biorefineries, such as the ones operated by Flint Hills. It will use the funding to roll out its latest biofuel production platform, which increases ethanol yield at existing facilities by up to 6%.
Flint Hills first invested in Edeniq’s series C round, which comprised $10.6m in equity and $9m in debt financing. Kleiner Perkins Caufield & Byers (KPCB), DFJ, Cyrus, Westly, Angeleno, I2BF and Element Partners also backed that round, while the debt portion was provided by retail bank Comerica and Atel Ventures.
Edeniq has now raised $81m in debt and equity in total since 2008. Its past investors also include Advanced Equities, Omninet, DAG Ventures, Northgate Capital and US-listed investment bank Morgan Stanley.
In addition to its equity capital, California’s energy policy and planning agency, California Energy Commission provided a $3.9m grant to the company in 2012.