Cobalt Technologies Pushes The Green Chemical Envelope
Cobalt Technologies Pushes The Green Chemical Envelope
By Kerry A. Dolan
Published: May 6, 2011
For years, a clutch of clean tech companies has been working on creating cellulosic biofuels, to no avail. Cobalt Technologies says it can succeed where others have so far failed and produce a chemical called biobutanol using cellulosic feedstocks.
The Mountain View, Calif. company raised a Series B round of $20 million earlier this week to further its goal. “The chemical industry is waking up to the prospect of renewable materials,” says Steven Shevick, chief financial officer of Cobalt Technologies. The new round of funding comes in addition to $25 million Cobalt raised from venture capital and other investors in October 2008.
Butanol is a global 1.2 billion gallon market; the chemical sells for anywhere from $5.50 to $8 a gallon. Cobalt is aiming to produce biobutanol for as much as two dollars per gallon less than petroleum-based butanol.