Ceres Raises $75 M To Study Dedicated Energy Crops

Ceres raises $75 million to develop dedicated energy crops
Energy crop and biotech company Ceres, Inc. announced today that it has raised $75 million through a private offering of convertible preferred stock. The late-stage financing round was led by Warburg Pincus, a global private equity firm with a track record of investing in energy, alternative energy and renewables.

A seed and traits developer, Ceres plans to use the proceeds for research and product development activities in several dedicated energy crops, which are bred to maximize yields of plant biomass — the energy-rich source of next-generation biofuels based on biochemical and thermochemical conversion processes. The cellulosic biofuels industry shows promise of significant growth and is likely to become a material part of the transportation fuel market in the next decade.

Biopact, Sept. 27, 2007