Soperton News

A highly touted cellulosic ethanol venture has been sold for pennies on the dollar after failing to produce a single drop of ethanol.

LanzaTech, a Roselle, Ill.-based maker of fuel and chemicals from waste gases and wood, on Monday said it raised $56 million in its third round of venture financing.

Have you ever heard of Range Fuels ? Well, they received, via the Department of Energy , $65 million, as well as $6.2 million from Georgia taxpayers. And guess what?! They went bankrupt.

Range Fuels attracted millions of dollars from private investors and both the Bush and Obama administrations before the failure of its Soperton, Georgia advanced biofuel plant.

New Zealand-based biofuels start-up LanzaA Tech purchased a facility in Soperton, Ga.-previously owned by Range Fuels-at auction on Jan.

Ethanol ventures backed by billionaire entrepreneur Vinod Khosla - including Range a Fuels, which built a failed factory in Georgia - were given the green light for an estimated $600 million in federal and state subsidies, according to an analysis by The Atlanta Journal- Constitution.