SunEthanol changes name

By Bryan Sims | November 03, 2008
Web exclusive posted Nov. 24, 2008 at 10:16 a.m. CST

Hadley, Mass.-based SunEthanol has raised $25 million from a consortium of investors in a Series B round of financing meant to further the advancement of its novel Q Microbe. Concurrent to raising the funds, SunEthanol also officially changed its name to Qteros, reflecting the company's signature breakthrough.

The Series B financing was led by Venrock and previous investor Battery Ventures. Also participating in the finance round were new investors Soros Fund Management LLC and British Petroleum. Series A investors Long River Ventures and Camros Capital also participated in the Series B round.

Led by Sarad Parekh, vice president of research and development, and Susan Leschine, chief scientist and cofounder of Qteros, the development of the company's novel Q Microbe is a culmination of over 10 years of research and development. Already, the Qteros lab team has achieved a 15-fold increase in productivity with its C3 (Complete Cellulosic Conversion) technology platform to more efficiently convert cellulosic plant material into ethanol.

"In the past year, we've made great strides in understanding the inner workings of Q, basic knowledge that is enabling the advancement of this technology and from which Qteros is discovering ever-more productive strains of this amazing microbe," Leschine said.

To learn more about Qteros, visit http://www.qteros.com/.