Virent Energy Systems Inc, the US company which is developing a process for hydrogen and hydrocarbon fuel production, has revealed that it has closed a $21m second round of venture financing.
The company said the financing was led by Stark Investments and Venture Investors and this latest venture lifts the total funding raised since its foundation in 2002 to almost $40m.
Virent’s ‘BioForming’ technology enables the economic production of hydrogen from renewable glycerol and sugar-based feedstocks.
The Madison-based firm announced it will use the funding to accelerate commercialisation of its technology for liquid fuels, hydrogen and propylene glycol.
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