29 Jul '12, 12pm

Cellulosic sugar producer Sweetwater Energy closes $9M Series A round

Cellulosic sugar producer Sweetwater Energy closes $9M Series A round 29 July 2012 Cellulosic sugar manufacturer Sweetwater Energy, Inc. has oversubscribed and closed its Series A funding round. The company sought $5 million in initial funding, but investor response was greater than expected, leading CEO Arunas Chesonis to close the round at $9 million. Sweetwater Energy uses a novel technology to produce low-cost sugars from non-food plant materials. The company plans to sell its sugar solutions to refineries, which use it to produce biofuels, biochemicals, and bioplastics. Initially launched in 2006 under the name SweetWater Ethanol, LLC , the company originally was pursuing a decentralized business model to allow farmers to produce ethanol from crops right on their farms. The company refocused on producing sugar—which can be a key precursor for ethanol as well as for ma...

Full article: http://www.greencarcongress.com/2012/07/sweetwater-201207...

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