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Business

Virdia Raises Funds For Cellulosic Sugars

by Marc S. Reisch
March 12, 2012 | A version of this story appeared in Volume 90, Issue 11
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Virdia, formerly HCL Cleantech, has raised new financing and secured low-interest loans and a loan guarantee from the state of Mississippi. In exchange for an agreement to build cellulose-derived-sugar manufacturing operations in Mississippi, it secured $75 million in low-interest loans and up to $155 million in tax incentives from the Mississippi Development Authority. The firm also raised $20 million in new financing from Khosla Ventures, Burrill & Co., and Tamar Ventures and $10 million in debt financing from Triple Point Capital.

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