Biofuel Company LS9 Closes $25M third round of funding With Chevron Backing

LS9, a company which is using a genetically modified version of e.coli bacteria to make diesel from biomass, announced it has raised $25 million in its third round of funding. Chevron Technology Ventures’ venture capital arm, CTTV Investments, participated in the round, making this the latest biofuel project from the big oil company. In 2008, Chevron announced a development deal with algae-based fuel company Solazyme, and has been working on a cellulosic ethanol joint venture, called Catchlight Energy, with forest-product company Weyerhaeuser.

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