@Ventures Invests in Cleantech Company, Earthanol, Inc.
March 08 2007 - 4:40PM
Business Wire
@Ventures, the venture capital business of CMGI, Inc. (Nasdaq:
CMGI), announced today that it has made an investment in Earthanol,
Inc., a developer of waste-to-ethanol production plants based on
commercially proven technologies. @Ventures has committed to a
total investment of $2.0 million and joins Nth Power, Sail Venture
Partners, and Calvert Funds as investors in the company�s $7.1
million Series A financing round. Earthanol plans to use proven,
proprietary technologies to convert agricultural and industrial
waste products into clean-burning biofuels. The company is
currently developing projects based on dairy industry waste and
cellulosic biomass materials. Earthanol�s management team has
extensive experience in the development and operation of energy
projects, including eight biomass-based power projects in North
America. �In order to fully realize the promise of biofuels, it is
critical that the industry move beyond corn-based ethanol�, said
Matt Horton, a Principal with @Ventures. �By using waste materials
as a feedstock for biofuels production, Earthanol avoids many of
the costs and limitations associated with corn-based ethanol.� In
conjunction with the investment in Earthanol, Peter Mills, a
Managing Director of @Ventures, has joined Earthanol�s board of
directors. Larry Folks, Chief Executive Officer of Earthanol, said,
�We are very pleased to add Nth Power, @Ventures, and Calvert Funds
to our investor team, which includes existing investor, Sail
Venture Partners, and are delighted that our vision to convert
available waste streams into green renewable fuels can now be
realized. Earthanol is committed to the development and operation
of waste-to-ethanol projects as the most cost-efficient and
environmentally responsible way to dispose of waste and produce
alternative fuels.� About Earthanol, Inc. Founded in 2004,
Earthanol, Inc. is a waste-to-ethanol project development company
headquartered in Newport Beach, CA. The company's projects will use
proven technologies to convert agricultural and industrial waste
streams into liquid biofuels. For more information, visit
www.earthanol.com. About @Ventures @Ventures provides venture
capital to early stage and mid-stage technology companies. Formed
in 1995, @Ventures has funded more than 70 software, IT, Internet,
and clean energy companies. The primary focus of @Ventures� fifth
fund, formed in 2004, is on investments in the cleantech sector,
including alternative energy, energy storage and efficiency, and
water purification technologies. For more information, visit:
www.ventures.com. About CMGI CMGI, Inc. (Nasdaq: CMGI), through its
subsidiary ModusLink, provides industry-leading global supply chain
management services and solutions that help businesses market, sell
and distribute their products around the world. In addition, CMGI�s
venture capital business, @Ventures, invests in a variety of
technology ventures. For additional information, visit:
www.cmgi.com. This release contains forward-looking statements,
which address a variety of subjects including, for example, the
expected achievements by Earthanol, Inc. All statements other than
statements of historical fact, including without limitation, those
with respect to Earthanol, Inc.�s goals, plans and strategies set
forth herein are forward-looking statements. The following
important factors and uncertainties, among others, could cause
actual results to differ materially from those described in these
forward-looking statements: Earthanol�s success, and in turn,
@Ventures� and CMGI�s success with respect to this investment
depends on Earthanol�s ability to execute on its business strategy
and the continued and increased demand for and market acceptance of
its products and services; our ability to earn returns on our
investment, or even recover our capital, is dependent upon factors
outside of our control, including the success of our portfolio
companies� businesses, and the market for initial public offering
and mergers and acquisitions. For a detailed discussion of
cautionary statements that may affect CMGI's future results of
operations and financial results, please refer to CMGI's filings
with the Securities and Exchange Commission, including CMGI's most
recent Annual Report on Form 10-K and Quarterly Report on Form
10-Q. Forward-looking statements represent management's current
expectations and are inherently uncertain. We do not undertake any
obligation to update forward-looking statements made by us.
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