Issue Date: June 15, 2009
Solazyme Nets Big Bucks From Investors
Algae biofuels start-up Solazyme has raised $57 million from current and new venture capital investors in its third round of funding. The company grows genetically modified algae in an industrial fermentation process. The algae, which consume cellulosic material and waste glycerin, produce oil for renewable fuels, chemicals, and health and wellness products. New investors include Braemar Energy Ventures, Lightspeed Venture Partners, and VantagePoint Venture Partners. Solazyme plans to use the money to commercialize its process.
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