BIOeCON Sold Some of its Shares Held in KiOR
HOEVELAKEN, The Netherlands, May 24, 2012 /PRNewswire/ --
BIOeCON BV* which is a substantial minority shareholder in KiOR Inc. announced today that it sold 834,544 Class A Shares held by it in a block trade to an institutional investor.
Paul O'Connor, BIOeCON's founder and co-founder of KiOR clarified that the number of shares sold represents a minority of the total number of shares in KiOR held by BIOeCON. The sale was executed primarily in order to enable BIOeCON and its ultimate beneficial owners to partially meet tax obligations to which it is likely to become subject in the foreseeable future. Other than primarily for the purposes of meeting anticipated tax obligations, BIOeCON currently has no intention to sell additional shares in KiOR.
BIOeCON is very proud and excited to be the originator of KiOR's Biomass Catalytic Cracking technology (BCC), which is now coming close to becoming one of the first technologies to reach the actual production of ligno-cellulosic drop-in transportation fuels.
BIOeCON was formed in 2006 with the goal to develop breakthrough technology in the conversion of ligno-cellulosic biomass.
BIOeCON invented and pioneered Biomass Catalytic Cracking (BCC) for the production of transportation fuels and formed KiOR in 2007 in a JV with Khosla Ventures to further develop and commercialize this technology.
In 2010 BIOeCON formed an R&D cooperation with PETROBRAS SA to develop BiCHEM an other novel technology to produce high quality specialty chemicals and fuel additives from biomass.
In 2011 a spin off of BIOeCON, called ANTECY, was formed aiming at the direct conversion of solar energy into fuels and chemicals.