Algae had staged best shows as alternative non food fuel source while collecting critics as to its dynamics of culturing and processing to biofuels. IT IS OPTIMISTIC that algae is the best way forward and nothing will impede its rise, if man can land on moon and plans to land on Mars by 2037, Algae will rise above the shoulders of technology in the twenty first century.
The recent investments and developments have been linearly increasing worldwide, below is as it appears in Biofuel digest.
Algae pioneer Solix closes $16.8 million Series A financing with new Chinese investor
In Colorado, algae photobioreactor pioneer Solix Biofuels announced the completion of its $16.8 million Series A capital funding that added Shanghai Alliance Investment to its group. Proceeds will be used to finance construction and commencement of operations at the company’s Coyote Gulch Demonstration Facility, which will be operational by late summer 2009. I2BF Venture Capital, Bohemian Investments, Southern Ute Alternative Energy LLC, Valero Energy Corp., and Infield Capital also invested in this round.
Solix COO Dr. Bryan Willson said that the company is currently at around 2500 gallons per acre, and said that the company is on track to achieve cost parity with $80 oil in 3-4 years.
The company has launched a third-generation of its bioreactors, a 20-meter system that integartes CO2 delivery and increase surface area. The system is water-supported to reduce cost. A fourth generation of photobioreactors is now under development. Willson said at the recent Biofuels: Science and Innovation conference in San Francisco that the problem with contamination of open-pond algae systems had not, in his opinion, been yet overcome.
Solix Biofuels raises $10.5 million in Series A financing; will construct 10-acre algae fuel facility in Colorado
In Colorado, algae biofuel producer Solix Biofuels announced that it has raised $10.5 million in its Series A, first-round of outside financing from cleantech investors. The company said that it has also agreed with investors regarding an additional $5 million in financing that will be used to fund the company’s pilot algae production facility in Durango.
The financing was led by London-based I2BF Venture Capital and Fort Collins-based Bohemian Investments. Other participants include Southern Ute Alternative Energy, Valero Energy and Boulder-based Infield Capital. Solix produces algae from closed photo bioreactors, and will locate its first demonstration production facility on the Southern Ute Indian Reservation near Durango. The 10-acre site will be built out in two phases over 18 months, with the first phase consisting of a 4-acre photobioreactor field.