KiOR attracts funding from Khosla, Gates
KiOR Inc.’s Columbus II project is one step closer to fruition. In October, the company announced $100 million in committed equity-related financing in two separate private placement transactions to support expansion plans at its Columbus, Miss. location.
The first private placement includes $85 million of committed equity-related financing from Khosla Ventures III and various other Khosla entities. The second private placement includes $15 million of committed equity financing from new investor Gates Ventures LLC, an affiliate of Bill Gates.
The Columbus II project, announced in late September, will double production at KiOR’s existing Columbus location through the construction of a second facility incorporating its technology. The $225 million project is scheduled to break ground within 90 days of KiOR raising sufficient equity and debt capital to commence the project. KiOR estimates the proposed facility will take 18 months to construct and start up. Once operational, the plant will convert southern yellow pine wood chips to cellulosic gasoline and diesel.