Sun Ethanol changes name to Qteros, closes $25 million in Series B funding from Rockefellers, Soros, Battery Ventures, others

In Massachusetts, SunEthanol announced that it was changing its name to Qteros and that it had closed a $25 million Series B round of financing, led by venture capital firms Venrock (the Rockefeller family fund), and Battery Ventures. BP, Soros Fund Management, Long River Ventures and Camros Capital were among the second round investors. Qteros owns the rights to the naturally occurring Q microbe, which the company has been breeding over the past year to enhance its productivity.

The Q Microbe eliminates the need for enzymes in the cellulosic ethanol process, and simplifies the number of steps, thereby reducing costs. The company said that it plans to build a pilot-scale plant in 2009, a demonstration-scale plant in 2010, and a commercial-scale cellulosic ethanol plant in 2011.

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