The once high-flying algae-based materials firm TerraVia has declared bankruptcy and plans to auction itself off. The only bidder to come forward so far is the Dutch food ingredients maker Corbion, which has made an offer of $20 million for the company.

TerraVia began life in 2003 as Solazyme, aiming to commercialize biofuels made from algae grown in . . .

The once high-flying algae-based materials firm TerraVia has declared bankruptcy and plans to auction itself off. The only bidder to come forward so far is the Dutch food ingredients maker Corbion, which has made an offer of $20 million for the company.

TerraVia began life in 2003 as Solazyme, aiming to commercialize biofuels made from algae grown in . . .