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News and Information Article
GOSHEN, Calif., Sept. 12 // -- Cilion, a California-based
company with plans to build multiple ethanol plants, today announced one of
the industrys largest capital raises totaling over $200 million. In June,
the company announced the formation of Cilion with a partnership between
Western Milling, one of Californias largest grain milling companies, and
Khosla Ventures, a venture assistance and venture capital firm. Cilion will
operate modular, standardized 55 million gallons per year ethanol plants
using India-based Praj technology. Using a variety of innovations, these
plants will be greener and less expensive than standard corn-to-ethanol
plants, therefore substantially reducing the consumption of traditional
energy sources in ethanol production.
Joining the partnership with Western Milling and Khosla Ventures for
this round of equity are some notable investors including the Virgin Group
through the newly formed Virgin Fuels, the Yucaipa Companies and Advanced
Equities, Inc. Sir Richard Branson recently launched Virgin Fuels, as part
the Virgin Group and brand, and plans to invest up to $400 million in
renewable energy initiatives over the next three years. Yucaipa is a
premier private equity investment firm that has established a record of
fostering economic value through the growth and responsible development of
companies. Advanced Equities specializes as a venture capital investment
bank, headquartered in Chicago, with institutional and retail sales
nationwide.
Kevin Kruse, CEO of Cilion, Inc. noted, "This is really a landmark
event. Cilion has a business plan focused on low cost production using
multiple feedstocks and energy saving technology. The companys strategy is
focused on building and operating destination ethanol plants which are
closer to consumers. Together with our existing and new equity partners,
Cilion will be a significant contributor to reducing our nations reliance
on fossil fuels."
Commenting on the deal, Sir Richard Branson said, "This is a very
exciting investment for Virgin and the new company will make a substantial
contribution to meeting Governor Schwarzeneggers goal as stated in his
recent Executive Order, calling for California to produce a minimum of 20%
of its own bio-fuels by 2010. We have excellent founding partners in
Cilion. The industry experience of Western Milling and Khosla Ventures
track record of building successful companies will complement Virgins
global expertise in backing entrepreneurs to build successful companies
that make a difference."
Vinod Khosla, of the nations most influential ethanol advocates, said,
"The combination of Cilions management experience in grain handling and
the destination plant model near cattle feedlots eliminating the need for
fossil energy use for drying distillers grain will make Cilion not only a
low cost producer but also a very environmentally friendly ethanol
producer. I am excited to partner with this high quality group of investors
as we move forward."
Western Milling:
Western Milling, one of Californias largest grain milling companies,
has a long manufacturing history dating back to 1935. Western Milling
continues to operate under the foundation and beliefs on which the company
was built and firmly stands by the philosophy: "Know and respect thy
customer and strive for his success." -- Otto Kruse, 1935. Western Milling
brings tremendous experience in grain procurement, operating efficiencies
of the grain milling industry and a sales force with key relationships
within the livestock industry. This sales force (including 5 PhDs) is
experienced in marketing wet distillers grain resulting in the Cilion
ethanol plants consuming 33% less natural gas than typical ethanol
standards. In addition, in 2004 Western Milling built and operated the only
large scale ethanol plant located west of the Rocky Mountains in Goshen,
CA. The management team of Western Milling along with Cilion bring key
operating experience in livestock nutrition, grain procurement, marketing,
and finance.
Khosla Ventures:
Khosla Ventures offers venture assistance, strategic advice and capital
to entrepreneurs. The firm helps entrepreneurs extend the potential of
their ideas in both traditional venture areas like the Internet, computing,
mobile, and silicon technology arenas but also supports breakthrough
scientific work in clean technology areas such as bio-refineries for energy
and bioplastics, solar, battery and other environmentally friendly
technologies. Vinod Khosla, formerly a General Partner at Kleiner Perkins
and founder of Sun Microsystems, founded the firm in 2004. Vinod has been
labeled the #1 VC by Forbes and Fortune recently labeled him as one the
nations most influential ethanol advocates, noting "there are venture
capitalists, and then theres Vinod Khosla." Khosla Ventures is based in
Menlo, California.
Virgin Group:
Virgin, a leading branded venture capital organization, is one of the
worlds most recognized and respected brands. Conceived in 1970 by Sir
Richard Branson, the Virgin Group has gone on to grow very successful
businesses in sectors ranging from mobile telephone, to transportation,
travel, financial services, leisure, music, holidays, publishing and
retailing. Virgin has created more than 200 companies worldwide, employing
approximately 35,000 people in 29 countries. Revenues around the world in
2005 exceeded 5 billion pounds Sterling (US$10 billion).
Virgin Fuels:
Virgin Fuels is the investment vehicle for a series of international
renewable energy investments by Virgin Group with an early focus on
bio-fuels (rather than other alternative energy sources or industrial power
generation). The scope of the investment strategy will also include
research and development of new bio-fuels suitable for both ground
transportation and aviation.
Virgin Fuels has an initial funding commitment from the Group of up to
$400 million. Early investments are expected to be in the United States,
closely followed by the UK, mainland Europe and the rest of the world.
The Yucaipa Companies:
The Yucaipa Companies is a premier private equity investment firm that
has established a record of fostering economic value through the growth and
responsible development of companies. As an investor, Yucaipa works with
management to strategically reposition businesses and implement operational
improvements, resulting in value creation for shareholders, customers and
employees. Since its founding in 1986, the firm has completed mergers and
acquisitions valued at more than $30 billion.
Advanced Equities, Inc.:
Advanced Equities is a privately held financial services firm, recently
ranked #11 in INC. magazines top 500 privately held growth companies and
regarded as one of the fastest growing brokerage firms in the country.
Advanced Equities specializes as a venture capital investment bank,
headquartered in Chicago, with institutional and retail sales nationwide.
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