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Algae Firm Raises $144 Million for Demonstration Facility

2:09 PM MDT | April 23, 2012 | Rebecca Coons

Sapphire Energy (San Diego) 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 additional funding puts Sapphire Energy’s combined public and private financing above $300 million. Monsanto took an undisclosed equity stake in the firm in March of last year, and the two firms agreed to use Sapphire’s technology platform to discover genes in algae that could be used to improve yield and stress...

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