Existing investors support Solazyme for further fund raising ! 9
Solazyme, Inc., a renewable oil production company and leader in algal biotechnology, announced that it has raised $52 million in its Series D financing round.Solazyme uses microbial fermentation to produce renewable oil that can be used for clean and scalable fuels, chemicals, nutritional food ingredients and health and wellness products.
Braemar Energy Ventures and new investor Morgan Stanley are leading the round with all major existing investors from previous rounds participating, including Lightspeed Venture Partners, The Roda Group, Harris and Harris Group, VantagePoint Venture Partners and Zygote Ventures. Existing strategic investors CTTV Investments LLC, the venture capital arm of Chevron Technology Ventures LLC, and San-Ei Gen, a major Japanese manufacturer and distributor of food ingredients, also participated.
"Our technology and commercialization plans are progressing rapidly. We are executing against multiple partnerships with global industry leaders and the U.S. Department of Defense on a rapid path to commercialization," said Jonathan Wolfson, CEO of Solazyme.
"The strong support from our current investors in the Series D is indicative of our ability to exceed milestones, including the production of renewable oil for multiple applications at large scale."
For More Information Contact:
Leah Hardesty
Peppercom
415-633-3204
lhardesty@peppercom.com
Genet Garamendi
Solazyme
650-963-5228
ggaramendi@solazyme.com
Angel investors and VCs have been going slow for the last few years on biofuels.
The interest in biofuels is sustained by the subsidies given by governments, currently.
Solazyme is leading the pack of algae to oil companies. Against the general trend of slowing off from VCs, Solazyme has raised $ 52 million and has brought in
investment banker Morgan Stanley as a new investor.
Others who participated include Chevron and a Japanese food manufacturer San-ei Gen.
Solazyme's process involves fermentation as against conventional harvest, dewater, dry etc., More than photosynthesis, it trusts the algaes ability to convert sugars into oil.
It may land up in food vs fuel debate, later if we realise that they have to grow sugar as well as algae to make oil ?!!
Recently Solazyme delivered 1,500 gallons of jet fuel from algae to the US Navy.
I dont know the costing of Solazyme. But my curiosity is at its peak, considering the interest shown by the investment bankers !!
What makes Solazyme interesting among all other algae fuel companies ?
The Process.
Fermentation. A process makes the bioengineered algae (which grows in the dark) to convert sugars directly into oils.
The procedure uses existing industrial equipment, and is considered by industry experts as cost effective.
Solazyme's final produce is a direct substitute for petroleum fuel.
It has just delivered 1500 gallons to the US Navy.
It looks like for all these algae fuel companies, viability comes from, co products.
The Japanese food ingredient San-ei Gen, joining the investors is indicative of that.
Solazyme is seemingly closer to making oil sooner than what Pundits like , John Benneman, Narsi and Jason Pyke are predicting.
May be all the three are pessimists.
Solazyme's co products include, industrial chemicals and cosmetics.
Obviously the key takeaways are Fermentation and co products.
Solazyme has used sugar for fermentation. but I guess that they can use other feedstocks too.
It is clear that fermentation distinguishes Solazyme from others.
What fermentation? Photo fermentation ? Dark fermentation ? Combined fermentation ?
does anyone know ?
I found answers to some of the questions raised here in our own clubs another post.
Heres the link
- http://www.oilgae.com/blog/2009/02/solazyme-differs-from-its-competitors.html
http://www.oilgae.com/club/users/sumukhi/blogs/500
I understand Maize and sorghum can also be used for fermentation in place of sugar.
All said and done, it reopens the food vs fuel debate.
Solazyme CEO Jonathan Wolfson on Wednesday said that his company will be able to produce millions of gallons of algae-derived biodiesel in three years.
Bunge has become a strategic partner from Brazil.
Founded in 1818, Bunge is a leading agribusiness and food company with integrated operations that circle the globe, stretching from the farm field to the retail shelf. The world is our market ? six billion people and counting. Bunge's over 25,000 employees in over 30 countries are dedicated to improving the global agribusiness and food production chain by:
originating oilseeds and grains from the world's primary growing regions and transporting them to customers worldwide;
crushing oilseeds to make meal for the livestock industry and oil for the food processing, food service and biofuel industries;
producing bottled oils, mayonnaise, margarines and other food products for consumers;
crushing sugarcane to make sugar and ethanol;
milling wheat and corn for food processors, bakeries, brewers and other commercial customers; and
Selling fertilizer to farmers in North and South America.
There are several things that distinguishes Solazyme from others.
Many technical minded people question the process.
Managemnet and Finance guys are pleasantly surprised at the company Solazyme keeps. Lead bankers, Top companies, Richard Branson and what not.
Read more about Solazyme in our club
http://www.oilgae.com/club/users/sumukhi/blogs/507