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.

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