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San Antonio, Texas-based oil refiner Valero Energy has made an undisclosed investment in Marlborough-based ethanol technology developer Qteros Inc.
The deal stems from Valero’s (NYSE:VLO) acquisition of certain assets of North Dakota-based VeraSun Energy, a Qteros investor that filed for bankruptcy last year.
Valero is one of the largest domestic oil companies, employing 22,000 people and reporting revenue of $119 billion in 2008. The company owns and operates 16 refineries throughout North America with a combined throughput capacity of approximately 3 million barrels per day, according to company documents. Valero also owns and operates six ethanol plants in the Midwest with a combined capacity of 670 million gallons per year.
Qteros, founded out of the University of Massachusetts Amherst and formerly known as SunEthanol, has developed technology that turns biomass into cellulosic ethanol. Last year, Qteros raised $25 million in a round of private funding that included local venture capital firms Venrock of Cambridge, Battery Ventures of Waltham and Long River Ventures of Amherst. The round did not, however, include VeraSun.
Over the past year and a half, the company has received four grants from the U.S. Department of Energy for technological development.
Earlier this year, Qteros announced plans to build a pilot plant for its ethanol technology in Springfield, and executives have since said they expect that facility to open this summer.
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