A company which claims to have a technology for making algae produce large quantities of oil said it has reached $76 million in financing through its third funding round.

San Francisco-based Solazyme, Inc. said funds from its latest financing series will be used to move the company to commercialization.

In its Series C financing, Solazyme closed $57 million in a round led by Braemar Energy Ventures and Lightspeed Venture Partners. Its new investors also included green renewable energy start-ups investor VantagePoint Venture Partners.

Solazyme is a renewable oil company, which has developed technologies in algae biofuels production. It said its technology involves growing algae in the dark while feeding them with nonfood biomass and industrial by-products such as cellulosic materials and low-grade waste glycerol.

Solazyme said this allows for large-scale oil production from algae using standard bioproduction facilities. The company said it is currently producing thousands of gallons of oil in commercial-scale facilities.

It said its trademarked Soladiesel has been tested as an unblended fuel in a variety of unmodified vehicles.

"The potential role of algae in achieving [environmental and energy] targets has long been clear, but it has taken a while for a definitive category leader to arise. We believe that Solazyme has now emerged as the preeminent player in the algal biomaterials and biofuels sector,” VantagePoint Venture Partners’ Stephan Dolezalek said.

Solazyme also uses algae biotechnology to produce “green” chemicals, edible oils, and health and wellness products.


-  Eric Dorente

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Source:

¹ http://www.solazyme.com/news090605.shtml