IHS Chemical Week

World News and Views :: Projects

Algae Firm Raises $144 Million for Demonstration Facility

2:07 PM MDT | April 9, 2012 | Rebecca Coons

Sapphire Energy (San Diego) says it has secured $144 million in series C funding to help fund a Luna County, NM algae-based crude oil demonstration facility. Series C backers include Monsanto, Arrowpoint Partners, and other undisclosed investors.   “The ongoing support from the private investment community speaks to how strongly they believe in the development of Green Crude as an alternative fuel resource, especially Sapphire Energy’s ability to commercialize it,” says Cynthia J. Warner, president and chairman of Sapphire Energy. ...

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