Liquid Light, a US-based developer of technology aimed at converting carbon dioxide to widely-used chemicals, closed a $15m series B round on Thursday that included BP Ventures, petroleum company BP’s corporate venturing unit.
The round also featured Sustainable Conversion Ventures, VantagePoint Capital Partners, Chrysalix Energy Venture Capital, and Osage University Partners. The company said the round was raised at a “significant increase in company valuation”.
Liquid Light, which was formed in 2008 and emerged from stealth in March, will use the funds to complete the development of the conversion process at pilot level.
Liquid Light previously raised $14.8m across two venture rounds in 2011 and 2013 respectively, with past investors including BP Alternative Energy, which invests in new energy forms on behalf of BP, Osage, VantagePoint, Chrysalix and Redpoint Ventures.
– Photo courtesy of Matthew D.Wilson via Wikimedia Commons