Mascoma scores another $10m, this time from Marathon Oil

Last week, Mascoma and GM announced that the automaker would invest an undisclosed amount in the cellulosic ethanol process being developed by Mascoma Corporation. Perhaps its a sign of the times that
Marathon Oil Corporation has also ponied up a $10 million equity investment in research and development for the second-gen biofuel process.

As part of the Marathon deal, Marathon senior vice president Cliff Cook joined the Mascoma Board of Directors. Mascoma has also netted $26m from the Department of Energy and Domestic Fuel says that Mascoma has raised a total of $61m in its third round of funding. Considering that GM's investment was part of that $61m, we can calculate that GM's investment is no larger than $25m. Considering there are other investors that make up that $61m, GM's total is something less than $25m. Earlier this year, GM invested (also an undisclosed amount) in Coskata, another company working on bringing cellulosic ethanol to the masses.

[Source: Domestic Fuel]