News / Releases
@Ventures Invests in Cleantech Company, Earthanol, Inc.
Waltham, Mass. — March 7, 2007 — @Ventures, the venture capital business of CMGI, Inc. (Nasdaq: CMGI), announced today that it has made an investment in Earthanol, Inc., a developer of waste-to-ethanol production plants based on commercially proven technologies. @Ventures has committed to a total investment of $2.0 million and joins Nth Power, Sail Venture Partners, and Calvert Funds as investors in the company’s $7.1 million Series A financing round.
Earthanol plans to use proven, proprietary technologies to convert agricultural and industrial waste products into clean-burning biofuels. The company is currently developing projects based on dairy industry waste and cellulosic biomass materials. Earthanol’s management team has extensive experience in the development and operation of energy projects, including eight biomass-based power projects in North America.
“In order to fully realize the promise of biofuels, it is critical that the industry move beyond corn-based ethanol”, said Matt Horton, a Principal with @Ventures. “By using waste materials as a feedstock for biofuels production, Earthanol avoids many of the costs and limitations associated with corn-based ethanol.” In conjunction with the investment in Earthanol, Peter Mills, a Managing Director of @Ventures, has joined Earthanol’s board of directors.
Larry Folks, Chief Executive Officer of Earthanol, said, “We are very pleased to add Nth Power, @Ventures, and Calvert Funds to our investor team, which includes existing investor, Sail Venture Partners, and are delighted that our vision to convert available waste streams into green renewable fuels can now be realized. Earthanol is committed to the development and operation of waste-to-ethanol projects as the most cost-efficient and environmentally responsible way to dispose of waste and produce alternative fuels.”
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About Earthanol, Inc.
Founded in 2004, Earthanol, Inc. is a waste-to-ethanol project development company headquartered in Newport Beach, CA. The company's projects will use proven technologies to convert agricultural and industrial waste streams into liquid biofuels. For more information, visit www.earthanol.com.
About @Ventures
@Ventures provides venture capital to early stage and mid-stage technology companies. Formed in 1995, @Ventures has funded more than 70 software, IT, Internet, and clean energy companies. The primary focus of @Ventures’ fifth fund, formed in 2004, is on investments in the cleantech sector, including alternative energy, energy storage and efficiency, and water purification technologies. For more information, visit: www.ventures.com.
About CMGI
CMGI, Inc. (Nasdaq: CMGI), through its subsidiary ModusLink, provides industry-leading global supply chain management services and solutions that help businesses market, sell and distribute their products around the world. In addition, CMGI’s venture capital business, @Ventures, invests in a variety of technology ventures. For additional information, visit: www.cmgi.com.
