Rick Wilson, chief executive of Cobalt, said: "In addition to the generous financial support provided by the Whittemore Collection, we now have the world's most experienced builder of biomass-based businesses on our board supporting us in developing our global enterprise."

Cobalt Technologies, a US-based biofuel maker, has raised $20m in its series D round from a consortium led by the Whittemore Collection, the investment vehicle of Parsons & Whittemore, formerly one of the world’s largest manufacturers of market pulp and builder of some 60 pulp mills in 28 countries.

Also in the round were repeat backers: venture capital firms Pinnacle Ventures, Malaysian Life Sciences Capital Fund, VantagePoint Capital Partners, Life Sciences Partners and @Ventures and investment banks Harris & Harris…