Algae pioneer Solazyme raises $45 million for expansion to commercial-scale
In California, algae pioneer Solazyme raised $45.4 million in series C funding that will provide liquidity as the company expands towards commercial scale.
Last week, Solazyme CEO Jonathan Wolfson told Biofuels Digest that he expected to commence construction on a commercial-scale facility within two years, and that the major obstacle facing the company in its path towards commercialization was adequate capital, not technological constraints.
Wolfson said that the limitations on production had been primarily caused by shared access to production facilities that would be removed by the construction of a stand-alone plant for the company. Series C investors include Roda Group, Harris & Harris Group, Braemar Energy Ventures and Lightspeed Venture Partners. The company, which has partnered with Chevron on R&D, had previously raised $17 million in equity, debt and grants.
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