Posted: Oct 22, 2013 6:47 AM
Updated: Oct 22, 2013 6:47 AM
COLUMBUS, Miss. (AP) A Texas-based company has announced that it has secured funding to proceed with plans to double the production capacity at its biofuels production facility in Columbus, Miss.
KiOR Inc., based in Pasadena, announced Monday in a news release it has received $100 million in committed equity financing from Khosla Ventures, an investment company based in California, and Microsoft chairman Bill Gates.
Khosla Ventures committed $85 million and Gates, through Gates Ventures, committed $15 million, according to a release from KiOR. Both commitments are contingent upon the company fully funding the second biofuel plant in Columbus. The project is called Columbus II.
Khosla has been a major financier for the company.
KiOR has put off the start of construction of a facility in Natchez, Miss., until 2014.