Mascoma announces layoffs, including company president, as cellulosic ethanol finance conditions deteriorate

In Massachusetts, cellulosic ethanol pioneer Mascoma announced that it had laid off up to 10 employees, including the company’s president, Colin South.

South, a New Zealander, was a co-founder of the company in 2005, which has subsequently closed three rounds of venture financing with Khosla Ventures, Flagship Ventures, Kleiner Perkins, General Motors and Marathon Oil among its investors.

The company has received more than $90 million in grants and incentives from the Department of Energy and the state of New York towards the cost of its cellulosic ethanol demonstration plant. The company said that the layoffs were in direct response to conditions in the capital markets.

Free Subscription to the Daily Biofuels Digest e-newsletter

Related Stories

Mascoma adds two MIT luminaries to science advisory team, deeping cellulosic ethanol resources

In Massachusetts, Mascoma has expanded its Scientific Advisory Board with two appointments from MIT faculty. Dr. Chris Kaiser is head of the Biology Department at MIT, and manages a lab studying prote...

Mascoma finalizes switch from Greece to Rome (NY) for pioneering cellulosic ethanol plant

In New York, Mascoma has decided to move the location of its proposed cellulosic ethanol plant from Greece to Rome (NY), citing the need to be closer to biomass sources and the suitability of the form...

GM invests in single-step cellulosic ethanol pioneer Mascoma

In New Hampshire, General Motors and Mascoma announced a strategic relationship to develop cellulosic ethanol, which included an undisclosed equity investment in Mascoma by GM. Mascoma's single-step b...

Mascoma commences production at demo-scale cellulosic ethanol plant; capacity at 200,000 gpy

In New York, Mascoma announced that it has commenced production at its cellulosic ethanol plant in Rome, using non-food cellulosic biomass. The demonstration-scale plant, which was completed in Dec...

Marathon Oil invests $10 million in Mascoma

In Massachusetts, Mascoma received another $10 million in financing with an equity investment by Marathon Oil. The company said that it had received a total of $61 million in its latest funding drive,...

Ethanol, biodiesel shutdowns, layoffs announced in Idaho, California, Ohio, New York and Illinois

Production suspensions and/or layoffs were reported by Pacific Ethanol in California, Coshocton Ethanol in Ohio, Northeast Biofuels in New York, and Nova Biosource Fuels in Illinois. Pacific Ethano...