Venture capital firms Braemar Energy Ventures and Lightspeed Venture partners led the Series C round for Solazyme, Inc., putting $57 million in fresh capital into the company. This brings total outside financing to above $76 million for the algae-derived biofuels company ... and shows yet another sign of life for private investment in green technology.
Solazyme uses microalgae biotechnology for the production of clean fuels, green chemicals, edible oils, and wellness products. The company seeks to "answer the increasing global demand for clean and renewable sources of oil" through sustainable and scalable technologies. The company's renewable oil production process relies on industrial fermentation, in which the algae consume nonfood biomass and industrial byproducts, which the algae converts to oil. End products include renewable diesel, biodiesel, and jet fuel.
According to Stephan Dolezalek, managing director and CleanTech Group Lead, VantagePoint Venture Partners, "The potential role of algae in achieving these 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."
For VC firm Braemar, this is a natural fit, as the company is always on the prowl for "promising alternative energy firms with disruptive technologies that provide meaningful clean energy solutions," according to Wlliam Lese of Braemer.
In a vote of confidence for Solazyme, all major existing investors participated in the latest round of investment, including The Roda Group, Harris and Harris Group, and Solazyme chairman Jerry Fiddler.
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