Robert Wagner
Research analyst, CFA, portfolio strategy, gold

KiOR Is Making Production Gains, But Costs, Cash Burn And Dilution A Worry

Almost 30 years ago I was a student taking organic chemistry. It was at the tail end of the 1970s and early 80s energy crisis, and all the focus was on alternative energy...and the coming ice age of course. What I learned in organic chemistry is that countless things are made out of carbon, and the only difference was the arrangement of the carbon atoms. Paper, plastic, vegetables, food, asphalt, gas, oil, plants, animals and countless other items are made out of carbon chains. Organic chemistry is the science of disassembling and reassembling these carbon chains. We learned that you can literally manufacture gasoline in a test tube. Gas production happens naturally in land fills, bogs and the digestive...

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