November 26, 2008
$25M For Green Ethanol Co.
Despite the rough investment climate, Worcester- and Hadley-based venture fund Long River Ventures announced that one of its portfolio companies has closed on a $25 million funding round.
The company, Qteros, formerly known as SunEthanol, is developing a technology to produce fuel ethanol from corn leaves and stalks, sugar cane waste fiber and wood pulp. It is based in Hadley.
The series B round was led by Venrock and Battery Ventures and also included BP, George Soros's Quantum Funds, Camros Capital and others.
Qteros is a spin-off from the University of Massachusetts at Amherst.
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