Synthetic biology company LS9 has raised $30 million to help fund commercialization of its process of turning plants into diesel fuel.
The funding was led by giant global private equity company Black Rock. Money also came from investors Flagship Ventures, Khosla Ventures, Lightspeed Venture Partners, and CTTV Investments, the venture capital arm of Chevron, according to LS9.
LS9 has developed a fermentation-based process for converting sugar in plants into petroleum replacements using genetically engineered e. coli bacteria. The same process can be modified to manufacture different chemicals as well.