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Research / Discovery

CSU startup announces major funding round

November 13, 2008

Solix Biofuels, a CSU startup and Fort Collins-based alternative energy technology firm focused on algae-based intermediates for fuel and chemical production, Tuesday announced it has raised $10.5 million in its first round of outside funding, and has reached an agreement with investors for an additional commitment of $5.0 million, to be used to build an algae biofuel facility near Durango.

The first-of-its-kind project will showcase Solix's ability to produce biofuel and feedstocks for the chemicals industry at commercially-feasible production levels and costs.

The Series A funding was led by I2BF Venture Capital, a London-based venture capital firm focused on biofuels, and Bohemian Investments, a private investment company based in Fort Collins. Participating in the round are Southern Ute Alternative Energy LLC, an Ignacio, Colo.-based company that manages alternative energy investments for the Southern Ute Indian Tribe; Valero Energy Corp. (NYSE: VLO), the largest U.S. oil refinery operator, based in San Antonio, Tex., and Infield Capital, an investment fund focused on emerging "clean tech" companies, based in Boulder. The funding will support Solix's development of its fourth-generation technology, including a proprietary closed photo-bioreactor system, which produces biocrude from algae cost-effectively.

The $5 million follow-on commitment from the investor group will provide construction financing for the pilot plant, which will be developed jointly by Solix Biofuels and Southern Ute Alternative Energy LLC.

Contact: Emily Wilmsen
Phone: (970) 491-2336