Renewable energy firm lands nine-figure VC deal

Don't tell Elevance Renewable Sciences that there are mixed feelings regarding biotechnology venture capital investments in 2011. The clean energy group, which specializes in household chemicals, lubricants and other fuels from renewable feedstock, was just award $100 million in Series C funding.

A collection of four VC firms will allow Elevance to expand its operations into new markets, including South America, Asia and Europe. These markets are expected to include biorefineries and other facilities for renewable fuel creation.

"Elevance is pleased with our rapid progress commercializing our products and technology," said K'Lynne Johnson, CEO of Elevance. "This round of financing supports our company's continued growth and innovation in making quality, high-performing renewable chemicals available on a world scale basis."

Despite Elevance's new found funding, the clean tech industry is expected to regress when it comes to VC investments in 2011, according to a survey from the National Venture Capital Association. It's data reveals that only 38 percent of 330 U.S. venture capitalists and 180 CEOs of VC-backed companies foresee more year-over-year investments in energy.