Blackstone Backs Cellulosic Ethanol Startup Coskata
The Blackstone Group has quietly led a $40 million Series C round for Coskata Inc., a Warrenville, Ill.-based developer of technologies for processing biorefuse into ethanol. The investment came out of Blackstone’s inaugural Cleantech Venture Partners fund, which is in the process of being raised. Jamie Kiggen, a Blackstone senior managing director, will join the Coskata board. Other return backers include Advanced Technology Ventures, Globespan Capital Partners, GreatPoint Ventures and Khosla Ventures. The company also counts General Motors as a strategic equity partner from its Series B round, but the troubled automaker did not participate this time around. To date, Coskata has raised over $76 million. Blackstone is one of many firms raising new funds to help industrial cleantech companies (biofuels, electric vehicles, etc.) bridge the gap between traditional venture capital
