Qteros Lands Big-Name Investor
Qteros, the Marlborough company that is developing new technology to convert biomass to ethanol, says that Valero Energy Corp. of San Antonio "has become a significant investor" in the company.
Qteros, a privately held firm, did not disclose the amount of the investment but said that the Fortune 500 company has acquired assets of Verasun Energy, which was already an investor. Verasun is based in Sioux Fall, S.D.
Qteros, originally known as SunEthanol, is developing technology is based on a microbe discovered in the Quabbin Reservoir. It recently announced plans to locate a pilot plant in Springfield.
Valero owns and operates 16 refineries throughout the U.S., Canada and the Caribbean, as well as six ethanol plants in the Midwest. It reported 2008 revenues of $119 billion.
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