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by thinkcontext
2723 days ago
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> everything Vinod said was fairly reasonable He was promising he could beat gasoline at $1.80/gallon by misstating the yield of ethanol per ton of wood chips. From the Fortune article I posted: > The Securities and Exchange Commission has been examining whether the company made false statements, including on a critical point: the yield of its biofuel (the amount that can be made per ton of wood chips). Two KiOR executives and Khosla himself are also facing a class action suit alleging that company executives misled investors about production volumes and yield. ... > During investor calls in 2012, CEO Cannon said KiOR expected to achieve 72 gallons at a larger commercial production facility in the future and would aim to reach 92. > The problem was that the company wasn’t regularly producing anything close to 67, much less 92. In the summer of 2011, after the company’s IPO, its new chief operating officer, Bill Coates, told management that it appeared that the company had grossly overstated its yields, according to a KiOR consultant who spoke with him and was quoted in the state’s court papers. |
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