Metabolix And Gevo Raise Needed Funds

Biobased chemical firms Metabolix and Gevo are working to raise additional financing. Metabolix says it has entered a private placement agreement with investors as well as some members of its board and management team for equity worth $25 million. Earlier in the year the firm said it hopes to raise at least $50 million to secure capacity for its polyhydroxyalkanoate polymers. Meanwhile, Gevo says it will sell $18 million worth of common stock and use the funds to complete a revamp of its Luverne, Minn., facility. The work will allow the plant to produce isobutyl alcohol and ethanol in side-by-side fermentation tanks.