Issue Date: November 17, 2008
Algae Energy Firm Solix Wins Funding
Solix Biofuels has raised $10.5 million in its first round of venture funding. The company, a spin-off of Colorado State University, claims that its closed photobioreactor system can cost-effectively produce biofuel and chemical feedstocks from algae. Investors include Valero Energy and Southern Ute Alternative Energy, a Colorado-based company that manages investments for the Southern Ute Indian Tribe. The investors have committed an additional $5 million to finance the construction of a pilot plant near Durango, Colo.
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