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Algae biofuel firm Solix raises funds
Colorado-based Solix Biofuels has raised USD500,000 in convertible note funding, according to TechRockies. The firm is developing technology to produce algae-based biofuel. Solix feeds carbon dioxide into bioreactors to grow algae which can be harvested to produce biofuels and chemical feedstock.
In July, the firm raised USD16.8m in a Series A funding round from investors including Shanghai Alliance Investment,I2BF Venture Capital and Valero Energy. Solix is building a pilot facility in partnership with Southern Ute Alternative Energy. The first phase will be completed next year and will include four acres of closed algae photobioreactors . The firm claims its technology can produce approximately five times more fuel per acre than soy-based biodiesel.
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