Refiner Valero investing in ethanol company Qteros
Ethanol company Qteros, a Marlborough ethanol company, said that refiner Valero Energy Corp. has made an undisclosed investment in the company.
Qteros plans to open a pilot plant in Springfield this year.
The company says its microbe breaks down plant matter into ethanol, faster, cheaper and with less waste than other methods. Companies typically use a two-step process in which enzymes are used to break down the biomass before it can be fermented.
Along with the investment by San Antonio-based Valero, Qteros has received funding from BP PLC, Venrock, Battery Ventures and Soros Fund Management. It has also received several grants from the U.S. Department of Energy. (AP)