SG Biofuels Receives $17 Million in Series B Financing

SG Biofuels SG Biofuels, Inc., (SGB) a San Diego, California-based bioenergy crop company, announced in January that it has completed a $17 million Series B financing led by Thomas, McNerney & Partners with participation from Finistere Ventures and current investors Flint Hills Resources, LLC and Life Technologies Corporation.  The company said it will use the proceeds to expand research and development, advance commercialization efforts and scale global operations.

SGB also announced that Pratik Shah, Ph.D., partner at Thomas, McNerney, and Jerry Caulder, Ph.D., managing director for Finistere Ventures, have joined the company’s board of directors.

“We are very pleased to complete this financing and are privileged to add Thomas,  McNerney and Finistere Ventures with their considerable track records and expertise to our team, ” said Kirk Haney, president and chief executive officer at SGB. “The funding comes at a time when we’re experiencing significant commercial adoption of our hybrid Jatropha and will be instrumental as we continue to expand our global footprint.”

In September 2010 the company secured $9.4 million in Series A funding.