Mountain View, California – California-based Cobalt Biofuels has announced that it has raised US$25 million in equity to accelerate the commercialization of biobutanol, an advanced biofuel.
“Closing a funding round of this size in this economic environment is a testimony to the strength of Cobalt Biofuels’ technology and the tremendous potential that biobutanol has as a next-generation biofuel,” said Cobalt director Ken Pelowski.
Biobutanol is a next-generation biofuel that can be used as a stand-alone transportation fuel, as an additive to gasoline or diesel, or as an additive to improve the properties of ethanol. Unlike ethanol, it can be used at full strength in conventional engines and can be distributed through existing pipelines. Cobalt’s technology allows it to profitably produce biobutanol from a diverse range of non-food feedstocks.