Virdia announces new CEO and $105m in funding and financing

06 March 2012 23:24  [Source: ICIS news]

HOUSTON (ICIS)--US-based cellulosic sugars developer Virdia announced its new chief executive on Tuesday, along with news of $105m in funding and financing for future projects.

The company said its incoming CEO is Philippe Lavielle, who will replace co-founder and outgoing chief executive Eran Baniel.

Before joining Virdia, Lavielle was an executive manager at industrial enzymes company Genencor.

His new company plans to establish its cellulosic refineries close to sustainable sources of biomass and said it had recently signed a memorandum of understanding (MoU) with the Mississippi Development Authority to build manufacturing facilities under an incentive package including $75m in low-interest loans and up to $155m in various tax incentives for 10 years.

In another development, Virdia said it recently closed its latest round of financing, raising more than $20m from insiders, Khosla Ventures, Burrill & Company and Tamar Ventures. The company also closed a $10m venture debt deal with Triple Point Capital.

($1 = €0.76)

By: Brian Balboa
+1 713 525 2653

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