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08/29/2008 06:57 AM
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Solazyme Raises Additional $45M for Algae-Based Diesel
SustainableBusiness.com News
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Algae biofuel company Solazyme has raised $45.4 million dollars in
Series C funding, and the company expects to be producing millions of
gallons of biodiesel a year by the end of 2011, according to reports.
Funding reportedly comes from previous investors Roda Group and Harris
& Harris Group, as well as new investors Braemar Energy Ventures
and Lightspeed Venture Partners.
Solazyme CEO Jonathan Wolfson told CNet
the company will break ground on a commercial-scale plant within two
years. The company's proprietary technology involved custom-designed
strains of algae that produce oil from sugar without sunlight.
In July, the San Francisco-based company annonced that its renewable diesel fuel was the first alga-based fuel to pass American Society for Testing and Materials (ASTM) D-975 specifications.
