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Algae Biofuels Startup Lands $10M
31 May 2007
Business Journal. Startup algae biofuels company LiveFuels received $10 million in a first round of funding led by David Gelbaum of the Quercus Trust, which donates to conservation advocacy and environmental organizations.
The company says its goal is to cost-effectively produce large amounts of oil derived from algae.
In 2006, the company established a research alliance with Sandia National Laboratory to focus on producing biocrude oil by the year 2010.
May 31, 2007 in Brief | Permalink | Comments (2) | TrackBack (0)
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Posted by: C Harget | June 01, 2007 at 08:31 AM
I think you misread the article, they're getting money from the investment company that donates to research causes.
They're selling algae to biofuel systems, or possibly building them and selling the fuel that results. Sandia is a federal research facility, that cooperated with them to boost the research along..
Posted by: Greg Woulf | June 01, 2007 at 12:18 PM
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What's the business model? LiveFuels hands out grants to various university and national research labs, and somehow monetizes the results...intriguing...just wondering how they make their investment back and what they really own?