Cleantech start-up LS9 raises $30m to support growthUS-based clean technology start-up LS9 has raised $30m in its latest round of funding, which was led by global asset manager BlackRock.
All of the company’s previous backers participated in the financing, which it said will help it ready its products for commercial production and support its development and growth programmes.
Existing shareholders Flagship Ventures, Khosla Ventures, Lightspeed Venture Partners and the venture capital arm of Chevron Technology Ventures, CTTV Investments, also participated in the round.
LS9’s board chairman Noubar Afeyan, who is also the managing partner of Flagship Ventures, said, ‘This funding round is a strong endorsement of the quality of LS9’s technology, team, and ability to execute.’
The privately-held company’s technology uses a one-step fermentation process to convert renewable plant-based materials into a diverse portfolio of fuel and chemical products.
Having operated a pilot plant in southern San Francisco, California for more than two years, it acquired a larger-scale production facility in Okeechobee, Florida earlier this year.
LS9’s newly-appointed president and CEO Ed Dineen said, ‘In particular with BlackRock, the world’s largest asset manager, joining our investor group and given their increasing focus on renewables, we believe this will benefit LS9 in a number of ways.
‘With this new round of funding, LS9 will be able to accelerate implementation of our plans to commercialise our technology and grow our product portfolio.’
