Sapphire Energy receives $144 million series C funding

Sapphire Energy receives $144 million series C funding

11:47 AM, 11th April 2012
Sapphire Energy receives $144 million series C funding
Cynthia J Warner, President and Chairman, Sapphire Energy.

SAN DIEGO, US: Sapphire Energy Inc has secured final tranche of a $144 million series C investment funding. The series C backers include Arrowpoint Partners, Monsanto and other undisclosed investors. All major series B investors have participated. With this investment round, Sapphire Energy’s total funding from private and public sources substantially exceeds $300 million.

This round of funding is being used to directly support Sapphire Energy’s active and on-schedule commercial demonstration in Luna County, New Mexico. The Green Crude farm, also known as the Integrated Algal BioRefinery (IABR), is the world’s first commercial demonstration scale algae-to-energy facility, integrating the entire value chain of algae-based fuel, from cultivation to production to extraction of ready-to-refine green crude. Some proceeds from previous closes of the series C financing already have been invested in Sapphire Energy’s continuing operations.

“It is increasingly important to find domestically produced crude oil alternatives to improve the country’s energy security, meet global energy demands and provide jobs. Continued private investment is a critical step in achieving these goals,” said Cynthia J Warner, President and Chairman, Sapphire Energy.

“It’s amazing to see that what started from an idea scribbled on the back of napkin is now a leading force to improve energy security for the country. Sapphire Energy is well positioned to bring domestically produced green crude oil to commercial scale,” explained Jason Pyle, CEO, Sapphire Energy.

© WOC News



Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

BHP Billiton gets initial funding approved for Mad Dog Phase 2

MELBOURNE, AUSTRALIA: BHP Billiton gets approval for $708 million (BHP Billiton share) in pre commitment funding for the Mad Dog Phase 2 project in th ...

Read more
Fluor bags BASF’s contract in North America

IRVING, US: BASF has chosen Fluor Corporation as its engineering partner for chemicals capital projects across North America. BASF has awarded Fluor a ...

Read more
Massive earthquake - magnitude 8.7, off Indonesia

SINGAPORE: A magnitude 8.7 earthquake has struck off the West coast of Northern Sumatra and a tsunami warning is in place, said Indonesia’s Geop ...

Read more
Chinese University develops genetically modified longer fibre cotton

SHANGHAI, CHINA: Scientists at Fudan University have developed China’s own genetically modified cotton which has longer fibres and is hoped to h ...

Read more
BMA plans to cease production at Norwich park mine

MELBOURNE, AUSTRALIA: BHP Billiton Mitsubishi Alliance (BMA), a 50:50 joint venture of BHP Billiton and Mitsubishi, plan to cease production at Norwic ...

Read more
BASF improves concrete characteristics with life cycle analyzer

LUDWIGSHAFEN, GERMANY: With the newly developed ‘life cycle analyzer’ BASF helps to improve concrete characteristics. The special software ...

Read more uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X