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MDV-Mohr Davidow Ventures Backs Laurus Energy

December 15, 2008

MENLO PARK, Calif., Dec. 16 /PRNewswire/ — MDV-Mohr Davidow Ventures, a
leading Silicon Valley venture capital firm, today announced that it has
backed Laurus Energy, the North American leader in Underground Coal
Gasification (UCG) project development. Laurus also announced today that top
energy executive Rebecca McDonald has joined as CEO.

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“Given the huge demand for energy in the U.S. and abroad and world’s vast
coal reserves, we’ve been searching for companies developing gasification as a
cleaner alternative to conventional coal,” said Erik Straser, MDV General
Partner who led the financing and holds a Laurus board seat. “Laurus’
proprietary approach has proven that when UCG is combined with carbon capture
and sequestration, it can deliver the cleanest, lowest-cost power. It has the
added significant benefit of being cleaner than today’s benchmark, natural
gas.”

Laurus Energy applies a proprietary gasification process to un-mineable
coal seams. This in turn enables coal to be converted, in situ, into syngas.
The company’s unique process can produce commercial quantities of gas for both
power generation and chemical processes. Laurus’ initial market is providing
syngas for power plants. The company leverages an exclusive relationship in
North America with the only successful global developer of UCG projects, Ergo
Exergy.

Laurus Energy was founded by Simon Maev and Michael Blinderman, each of
whom bring 30 years experience in commercial UCG application. Blinderman also
founded and leads Ergo Exergy.

New Laurus CEO Rebecca McDonald brings more than 25 years experience in
the energy industry. Prior to Laurus, McDonald held senior executive positions
in energy companies such as BHP Billiton. She has been responsible for the
development, construction and operation of natural gas and liquids pipelines,
gas and electricity distribution companies, as well as power plant and gas
processing facilities in North America, Asia, Africa and South America.

About Laurus Energy

Laurus Energy is the North American leader in Underground Coal
Gasification (UCG) project development. The company’s proprietary UCG process
coverts un-mineable coal reserves to syngas, providing cleaner, lower-cost
energy to power plants as well as meeting other natural gas needs. A
privately-held company, Laurus Energy is backed by top Silicon Valley venture
capital firm MDV-Mohr Davidow Ventures. The company is headquartered in
Houston and also has operations in Alberta, Canada.

About MDV-Mohr Davidow Ventures

MDV is a leading Silicon Valley-based venture capital firm that partners
with exceptional entrepreneurs building breakthrough companies creating new
markets or disrupting incumbents, principally through technology innovation.
The firm invests in the areas of Cleantech, Information Technology, and Human
Health. Since its inception in 1983 the firm has taken a hands-on approach to
investments and working closely with entrepreneurs to reduce time to market
and build successful companies. Cleantech companies funded by MDV include:
Catilin; Genomatica; Gordon Murray Design; Hycrete; Laurus Energy; Nanosolar;
OPX Biotechnologies; Simbol Mining; and ZeaChem. MDV has $2 billion under
management. For more information, visit http://www.mdv.com.

SOURCE MDV-Mohr Davidow Ventures


Source: newswire



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