Sapphire Energy Raises $100 Million for Algae Biofuel Development
Sapphire Energy, a start up located in San Diego, announced yesterday that it has raised over $100 million. Key investors include Cascade Investments LLC (Bill Gates' personal investment company) and Venrock (a Rockefeller family venture capital firm).
Sapphire Energy is using algae that has been genetically modified to produce maximum amounts of oil. The company hopes to reach commercial production in three to five years, and predicts that it will be able to produce crude oil at $50 to $80 a barrel. Now that Sapphire Energy has significant financial backing, its next challenge will be to make the economics of mass producing oil from algae work and proving that its technology is scaleable.
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