Chevron invests in renewable diesel pioneer LS9, as early-stage company completes $25 million funding round

In California, LS9 announced it successfully completed a $25 million round of funding. Participating investors included CTTV Investments LLC, the venture capital arm of Chevron Technology Ventures LLC; Flagship Ventures; Khosla Ventures and Lightspeed Venture Partners.

LS9 is currently producing UltraClean Diesel at its pilot facility.  UltraClean Diesel has achieved U.S. and Brazilian performance standards for on-road use, and achieves an 85% reduction in green house gas emissions.  LS9 has demonstrated its ability to modify the genetic makeup of its microorganisms and precisely tailor LS9 end products to have improved fuel properties such as cetane, volatility, oxidative stability and cold-flow.  LS9 will demonstrate commercial scale production of UltraClean Diesel in 2010.

In May this year, LS9 announced a strategic partnership with Procter & Gamble to support the joint development and commercialization of LS9 technology to produce key chemicals used within the P&G portfolio of consumer products. LS9’s technology uses a one-step fermentation process to convert renewable plant-based materials into a portfolio of UltraClean fuels and high-value, sustainable chemicals.

In addition to low-carbon transportation fuels, LS9’s one-step fermentation process is capable of producing chemicals used in making industrial and consumer products.

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