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Solazyme’s Soladiesel Undergoes Field Testing

June 9th, 2009 | No Comments | Posted in Algae-Biodiesel, Algae-Energy-Companies

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Solazyme said it recently raised $57 million to enable its march toward commercializing its technology.New investors include VantagePoint Partners and undisclosed companies that do business in the markets Solazyme is targeting, Solzyme said.

Solazyme is not only developing fuels for the transportation market, from cars to jets, it also wants to sell to the cosmetic and food industries.

The new funding would enable Solazyme to boost its production and attract customers. The company is developing ways to turn its algal oil into diesel and jet fuel. The first product is branded Soladiesel, which has been undergoing field testing, the company said.

Harrison Dillon, chief technology officer said previously that the company was primarily interested in selling the algal oil to companies that would then process the oil into transportation fuel or other products. But if the company were to enter the fuel-making market itself, then biodiesel is the likely product, he added.

Solazyme could find more immediate market opportunities in the selling its algal oil to cosmetic and edible oil makers.

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