@Ventures Invests in Cleantech Company, Earthanol, Inc.WALTHAM, Mass. -- @Ventures, the venture capital business of CMGI CMGI Commonly Maintained Grounds Infrastructures CMGI College Marketing Group Information (Services) , 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 cel·lu·lose n. A complex carbohydrate, (C6H10O5)n, that is composed of glucose units, forms the main constituent of the cell wall in most plants, and is important in the manufacture of numerous products, 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 North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . "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 feed·stock n. Raw material required for an industrial process. Noun 1. feedstock - the raw material that is required for some industrial process raw material, staple - material suitable for manufacture or use or finishing 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 For the British Conservative Member of Parliament, see Peter Mills (UK politician). Peter Mills (born 1943) is an American politician, a Republican from Maine. He was born in Farmington, Maine, and grew up in Maine. , 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 Renewable fuels are alternative fuel sources such as ethanol, biodiesel (e.g. soy, vegetable oils, animal fats, or recycled restaurant greases) or hydrogen, in contrast to non-renewable fuels such as natural gas, LPG (propane). 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 To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose waste and produce alternative fuels." About Earthanol, Inc. Founded in 2004, Earthanol, Inc. is a waste-to-ethanol project development company headquartered in Newport Beach Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , 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  It has been suggested that , , and be merged into this article or section. 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. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , which address a variety of subjects including, for example, the expected achievements by Earthanol, Inc. All statements other than statements of historical fact, including without limitation, those with respect to Earthanol, Inc.'s goals, plans and strategies set forth herein are forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: Earthanol's success, and in turn, @Ventures' and CMGI's success with respect to this investment depends on Earthanol's ability to execute on its business strategy and the continued and increased demand for and market acceptance of its products and services; our ability to earn returns on our investment, or even recover our capital, is dependent upon factors outside of our control, including the success of our portfolio companies' businesses, and the market for initial public offering and mergers and acquisitions. For a detailed discussion of cautionary statements that may affect CMGI's future results of operations and financial results, please refer to CMGI's filings with the Securities and Exchange Commission, including CMGI's most recent Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and Quarterly Report on Form 10-Q Form 10-Q See 10-Q. . Forward-looking statements represent management's current expectations and are inherently uncertain. We do not undertake any obligation to update forward-looking statements made by us. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion