LiveFuels raises $10M to turn algae into alternative fuel
LiveFuels, a Menlo Park, Calif. company seeking to turn algae into an alternative fuel, has raised a $10 million round of capital.
The investor was David Gelbaum at the Quercus Trust, which has previously backed environmental organizations such as the Sierra Club and the Wildlands Conservancy.
We reported earlier that LiveFuels was looking to raise the money, and ran a column by LifeFuels’ founding investor Rich Hilt about why using algae makes sense.
Why algae? Well, as the company puts it, the slimy critters…
* are naturally comprised of up to 60 percent oil.
* grow happily in marginalized lands where corn fears to tread.
* can be grown in fresh or brackish water (saltier water algae are oilier)
* thrive on sunlight, CO2 and nutrient rich agricultural run-off and waste.
* offer per acre yields that are 250 times that of soybeans.
You know things are hot in the clean-tech area when several algae companies emerge to do the same thing. Berkeley s Aurora BioFuels and Menlo Park’s Solazyme Inc. have also raised recent rounds.
LiveFuels hopes to have its biofuel ready by 2010.
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About the Author, Matt Marshall
Matt launched VentureBeat in September of 2006, with the realization that no one else was covering the entrepreneurial and tech innovation scene with the velocity or depth that he was. Prior to founding VentureBeat, he covered venture capital for the San Jose Mercury News from 2001 to 2006. In 2002, Matt was awarded "Journalist of the Year" by the Northern California Society of Professional Journalists. Prior to working at the Merc, he was a correspondent for the Wall Street Journal in Bonn, Germany from 1995 to 1998, and a writer for the Washington Post in 1994. Matt holds a PhD in Government and an MA in German and European Studies from Georgetown University. In addition to VentureBeat, Matt is also the Executive Producer of DEMO, the leading launchpad event for emerging technologies.
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