Ciris Energy Raises Series B Funding; Khosla Ventures Joins Investors Braemar Energy Ventures, Rho Ventures and GE
January 3, 2011
For Immediate Release
Managing Partner of Braemar Energy Ventures Included in BioFuels Digest Annual List of Biofuel Visionaries
CENTENNIAL, Colorado (January 3, 2011) — Ciris Energy, Inc. ("Ciris"), an emerging natural gas production company whose proprietary technology biochemically converts coal to methane at large scale and low cost, has raised equity in its second round of financing, led by new investor Khosla Ventures. Existing investors Braemar Energy Ventures, Rho Ventures, and GE Energy Financial Services, a unit of GE (NYSE: GE), also participated in the funding. Financial details were not disclosed.
Lab and field test results show that Ciris' technologies are more economical than conventional and unconventional natural gas development and thermochemical gasification processes. The financing will allow Ciris to implement its first commercial-scale projects for in-situ biochemical conversion of coal to methane, and bring its ex-situ biochemical coal conversion technology to commercial-ready status.
"Ciris has the potential to transform and extend the coal resource base in a number of distinct geographies," said Vinod Khosla. "This may be the cleanest and cheapest form of clean coal."
Jerry Clark, CEO of Ciris Energy, commented, "Khosla Ventures is one of the leading investors in emerging energy technologies, and we are pleased they could lead our Series B and join our existing investors. In 2010, we achieved several key milestones on our road to commercialization, and 2011 promises to build on that as we implement our technology in commercial field development to produce clean, low-cost energy."
About Ciris Energy
Ciris Energy is a privately held company with novel technology focused on large-scale production of low-cost natural gas. Its disruptive technology transforms coal to natural gas at high yields and low cost through proprietary biochemical conversion. The company has developed distinct technology applications for in-situ and ex-situ bioconversion to efficiently convert both underground and mined low-rank coal to pipeline-quality methane. Additional information is available at www.cirisenergy.com.
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About Braemar Energy Ventures
Braemar Energy Ventures is a venture capital fund making early- to mid-stage investments in the energy technology sector. The firm's principals have invested in more than 60 companies in the sector and have more than 100 years of combined technical, operational and financial experience in energy and energy-related industries. Braemar partners with exceptional companies and management teams, in both alternative and traditional energy markets, that can contribute to a more profitable and efficient energy landscape through innovation and marketplace expertise. Additional information is available at BraemarEnergy.com or on Twitter at twitter.com/braemarenergy or @BraemarEnergy.
For more information
- Alison McIntyre
- Prosek Partners
- (212) 279-3115 x269