Although is was hardly a surprise to anyone who's been following biofuels recently, the official wraps finally came off of the new Virgin Fuels enterprise Sunday, funded by Virgin Group and that sometimes annoying gazillionaire Sir Richard Branson. Virgin Fuels will invest up to $400 million in renewable energy initiatives in the next three years, and the first recipient is Cilion, a newly formed ethanol producer in California. Neither Virgin nor Cilion announced the amount of the investment, but Cilion has already raised $200 million in financing from other sources, including Vinod Khosla's venture capital company. Virgin Fuels will be investing in biofuels around the globe, Branson said.

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[Source: Virgin]


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