Mascoma Corp. has lost its major funding partner in a proposed $233 million cutting edge ethanol plant in Michigan. Valero Energy Corp. has pulled its $50 million investment and has announced it is no longer involved in the Kinross plant project. The plant is expected to use Mascoma’s proprietary technology to convert woody biomass to cellulosic ethanol, isopropanol, purified xylose, and bio electricity. However Mascoma will not proceed with the project which was supposed to be completed by the end of 2013 until all necessary funding is secured. An IPO by Mascoma which was hoped would raise $100 million has also been placed on hold. A new start date for construction has not been established at this time.
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