KL Energy receives $4 million, appoints CEO

By Anna Austin | March 05, 2009
Web exclusive posted March 9, 2009, at 11:12 a.m. CST

South Dakota-based cellulosic development company KL Energy Corp. announced it has received $4 million in new capital from previous investors Nito Capital and The Green Fund. Since 2008, the groups have given a total investment of $10.1 million.

KL Energy said the funds will be devoted to optimize the company's proprietary processes at its commercial-scale cellulosic ethanol plant in Upton, Wyo., which has been in operation since January 2008.

KL Energy has also appointed Steve Corcoran, the company's vice president of operations, as its chief executive officer.

As KL Energy's Vice President of Operations, Corcoran developed feasibility studies and business plans for several ethanol projects and served as on-site coordinator and project manager. Prior to joining KL Energy, Corcoran served as program manager and senior analyst for the U.S. government and served 20 years in the U.S. Army.