|
$20m in funding agreed for algae technology company |
|
|
|
Written by Bill Bradshaw
|
|
Tuesday, 10 June 2008 |
A second round of funding, raising a further $20 million, has been completed (10th June) by Aurora Biofuels, Inc the open-pond algae technology developer. The investment round was lead by Oak Investment Partners and supported by Gabriel Venture Partners and Noventi, all exiting investors.
"We are ahead of our company growth and development plans and the new funds will allow us to accelerate our efforts in the field even further," said Matt Caspari, founder and CEO of Aurora Biofuels. "Obviously, there is a great need today to decrease dependence on foreign oil. We believe that algae are an exciting alternative to traditional agricultural sources of biofuels and we are committed to bringing algae-derived biofuels to fruition."
The company is convinced that the economic model is viable, and believe that it has a stable and productive aquaculture technology that works in low-cost open ponds.
"Over the past eighteen months, Aurora Biofuels has made tremendous progress in developing an end-to-end process for producing bio crude oil from algae," said Brian Hinman, Venture Partner at Oak Investment Partners. "We're convinced that the economic model is viable, and believe that Aurora has a stable and productive aquaculture technology that works in low-cost open ponds. It's time to test the process at scale."
|
