Terralliance- New Name, New Funds

Terralliance has changed it’s name, raised $60M in new venture capital, and is at it again.  Adam Lashinsky points us to this release:

EOS GeoSolutions, Inc. today announced that it has successfully closed on a $60 million financing round. New investors Energy Capital Group and Bill Gates joined existing investors – including Goldman Sachs, Kleiner Perkins Caufield & Byers, and Passport Capital – in this oversubscribed funding round.

I started writing about Terralliance because they were one of the “green energy” startups that Kleiner Perkins invested in a few years ago when they thought there was no more money left in internet deals and stopped doing them.  They turned their focus to green energy and Terralliance was positioned as one of these startups.  Little did we know that they were actually a traditional energy oriented firm that was trying to improve on existing oil exploration methods.  Little did anyone know that there was some shady things going on at the company and they burned through a lot of venture capital.  But I guess they’ve raised a big round, recapitalized, hired new management, and lived to fight another day.

Here are some of my old posts on the subject:

Terralliance – “The Google of the oil and gas industry”

Trouble at Kleiner Perkins-Backed Terralliance

Terralliance Sues Ex-CEO For Stealing Intellectual Property

Terralliance burned money drilling oil wells

More Details Emerge On Terralliance

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