Jan. 27, 2012
KiOR closes $75 million loan for wood-based fuel refinery in MS
PASADENA, TX, Jan. 27, 2012 (Business Wire) - KiOR, Inc., a next-generation renewable fuels company, today announced that it has closed a $75 million four-year term loan with a lender group comprised of an affiliate of Vinod Khosla and two Canadian corporations owned by certain pension fund clients of Alberta Investment Management Corporation (AIMCo).
"This follow-on investment in KiOR reaffirms the continued long-term commitment of two of North America's most knowledgeable renewable energy investors in light of KiOR's on-time and on-budget execution of its first commercial facility in Columbus, Mississippi; KiOR's continued progress toward yield improvements in its R&D program; and prospects for KiOR's larger, second facility in Mississippi planned to break ground after our Columbus facility is fully operational," commented Fred Cannon, Chief Executive Officer. Concluding, Mr. Cannon added: "The additional capital de-risks KiOR's near-term business plan, decreases KiOR's dependency on volatile capital markets and allows additional front-end engineering work on our second facility."
