Friday, July 20, 2007

Virgin Fuels, Khosla invest in Gevo

From the Deal Blog:

Virgin Fuels continues to spend Richard Branson's fortune on cleantech companies. Biofuel developer Gevo Inc. is getting Series B funding from Khosla Ventures and Virgin Group Ltd.'s $400 million alternative energy fund established last year. Exact figures were not made public, but Gevo CEO Patrick Gruber characterizes the deal as under $10 million and says the funds are earmarked for technology development.

Branson's cleantech VC arm has also invested roughly $160 million in ethanol maker Cilion Inc., in which Khosla also invests. And Virgin Fuels has formed a joint venture called VBC LLC, or Virgin Bioverda, with Irish firm Bioverda, a division of NTR plc, to invest $336 million in ethanol plants in the Midwest. The collaboration includes Bioverda's investments in Ethanol Grain Processors LLC and Indiana Bio-Energy LLC.

Here's the press release.