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August 04, 2008 | Jim Lane | Comments 0

Algae startup Sapphire Energy eyes New Mexico facility after $50 million capital raise

In New Mexico, closely watched algae startup Sapphire Energy, which launched with a $50 million early stage investment round in Silicon Valley, is negotiating with officials in Las Cruces for an open-pond based algae farm. Las Cruces City Council is looking at a proposed initial purchase of 10 acres for a production facility. In the proposed deal, Las Cruces would donate 90 acres in an industrial park area to Sapphire Energy, valued at $1.35 million after Sapphire purchases the initial ten acres and invests $6 million in its facility.  The company states in its filing that it will eventually acquire 2000 acres for its commercial test plant.

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