MDV-Mohr Davidow Ventures Backs Laurus Energy

MDV-Mohr Davidow Ventures, a leading Silicon Valley venture capital firm, 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.

“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.