ALGAE PIONEER SOLAZYME: Raises $57 Million

In California, algae biofuels pioneer Solazyme announced that it has closed a $57 million third round of funding. $45 million of the round had previously been announced.

Funds were invested by Braemar Energy Ventures, Lightspeed Venture Partners, VantagePoint, Roda Group, Harris & Harris and Solazyme chairman Jerry Fiddler.

Solazyme, which was ranked #6 in the Hottest 50 Companies in Bioenergy for 2008-09 said that it will be developing markets in the high-end cosmaceutical and pharmaceutical sectors as well as continuing to make progress towards making biodiesel and jet fuel at commercially viable costs.

The company utilizes a unique “grow in the dark” algae cultivation strategy, in which the algae is fed plant waste cellulosic and other cellulosic materials that contain sugars – the food is used in lieu of sunlight and CO2 to provide energy that algae convert into lipids.