One of the difficulties with investing in cleantech startups is that investors sometimes need to take very long term views of the companies they back, despite that companies can be risky. Next-gen biofuel company KiOR is a prime example of this long term, high risk phenomenon. The reality is that the liquidity of KiOR’s IPO could be locked up for a long time, potentially many years down the road, until — and if — the company scales up and meets expectations. This research note examines KiOR’s place in the market and what it means for other early-stage companies when it comes to investment. Additional companies mentioned in this report include Amyris, BIOeCON and Range Fuels and Solazyme. For a full list of companies, and to read the full report, sign up for a free trial.