Qteros, formerly SunEthanol, raises $25m
SunEthanol, a Hadley company that aims to produce economically feasible low-carbon fuel energy from plant and tree waste, said it has raised $25 million in Series B financing and that it is changing its name to Qteros Inc.
The Series B financing was led by a new investor, Venrock, a venture capital firm with offices in Palo Alto, Calif., and Cambridge, Qteros said.
The name Qteros was partly inspired by the Q microbe, which was discovered about a decade ago by Susan Leschine, a company cofounder and a microbiology professor at the University of Massachusetts at Amherst.
According to a Qteros press release, Leschine thinks the Q microbe has the potential to be a “'super-bug' that can leapfrog the conventional enzyme technologies in terms of cost/benefit, and help solve the world's energy crisis."
The "teros" in Qteros means "from the earth," company president and chief executive Bill Frey said.
Frey noted that the company previously raised $3.6 million in a Series A financing. To read the company's press release, please click here.
(By Chris Reidy, Globe staff)
