Two strategic investors have backed renewable energy company SG Biofuels in its $9.4m series A round.
Flint Hills Resources, a US refining and chemicals company owned by Koch Industries, and Nasdaq-listed healthcare research company Life Technologies, along with existing undisclosed investors invested in the A round.
Anthony Sementelli, chief financial officer of Flint Hills Resources, and Nathan Wood, vice president of Life Technologies’ genomics technologies division, have joined SG’s board.
Kirk Haney, executive president at SG, said: "We are very pleased to complete this financing with high-calibre partners that bring strategic value to our business model, and to have the round oversubscribed further validates our approach. Our integrated platform of breeding, biotechnology and agronomy provides a significant opportunity for SG Biofuels and our partners to create a thriving global market for crude Jatropha oil."
Last month, Life Technologies and SG, completed sequencing the Jatropha curcas plant’s genome to identify traits in the oilseed-producing crop. The two firms formed a strategic partnership at the start of the year.
The genome will be compared to sequences generated from SG Biofuels’ germplasm library of more than 6,000 unique Jatropha genotypes to identify molecular markers and trait genes to accelerate development of cultivars with superior yields and profitability.
Jatropha curcas is a non-edible shrub that is native to Central America and can be effectively grown on marginal lands that are considered undesirable for food crops, making it a viable option as a new biofuel.