Valero inherits hefty stake in ethanol producer Qteros
Oil and gas company Valero Energy has acquired an undisclosed stake in Qteros, maker of microbial ethanol, along with other assets divvied up from bankrupt ethanol producer VeraSun Energy. It also assumed ownership of seven of the company’s plants — 780 megawatts in all — and rights to build another for $477 million.
Formerly called SunEthanol, Qteros specializes in converting biomass into cellulosic ethanol. It has received $2 million from the government for a pilot plant slated to open this summer in Massachusetts. It has also raised $25 million in venture capital to date from investors including Venrock, Battery Ventures, BP and Soros Fund Management.
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About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.
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