Virent, FriCSo, Irish Polymers and other Monday notes
"You'd have to be an idiot not to make money out of biofuels."That seems to sum up the current general attitude on the space quite well... Thus, upcoming ethanol IPOs and a lot of other investor interest (FYI, see this handy list of all U.S. ethanol plants operating and in construction -- thanks to Mark Wendman for pointing this out). Of course, Flavin was probably referring to operators, and not investors. There's a right price for everything, and even if the price deserves to be high, it's quite possible to overpay... In any case, hot times in biofuels right now. What will be the next cleantech darling after ethanol and solar?
Recent cleantech dealflow of note:
- Virent, which is developing technology to convert biomass into hydrogen, has raised a $7.5mm round of financing, including participation from strategic investors Cargill and Honda. Existing institutional investors include Venture Investors and Advantage Capital Partners (which has also invested in GridPoint and Hoku Scientific in the clean energy space) put in $1.6mm into the company last year as well.
- FriCSo, a U.S.-Israel company which is developing solutions to reduce friction in engines (to improve energy efficiency) announced a $5mm second round recently, with Aviv Venture Capital putting in around $4mm of the round, for a $20mm post-money. The company had previously raised $3mm.
- Irish plastic bottle recycler Irish Polymers raised 1mm pounds, including 250k pounds in venture equity from Viridian.