In a step toward maturing the cellulosic ethanol business, Mascoma officially announced on Tuesday $61 million in third-round funding, which includes participation from Marathon Oil and General Motors.
Marathon Oil, a gas and oil refiner, will put $10 million into Mascoma to help construct a plant and to further develop the company's proprietary microbe that streamlines the process of turning wood chips or agricultural waste into ethanol.
GM's decision to invest in Mascoma--the second cellulosic ethanol company with which it has partnered--was disclosed last week. GM's amount, however, is under wraps.
As previously reported, Mascoma's … Read more