KiOR Inc., a renewable fuels company, has closed a $75 million four-year term loan with a lender group comprising an affiliate of Vinod Khosla and two Canadian corporations owned by pension fund clients of Alberta Investment Management Corp.
KiOR has developed a proprietary two-step technology platform that converts non-food biomass into gasoline, diesel and fuel oil blendstocks. These blendstocks can be transported using existing distribution networks or are suitable for use in on-road vehicles. The company operates a commercial facility in Columbus, Miss.
‘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,’ says Fred Cannon, the company's CEO.