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Sapphire Energy Funding Passes $100M; Company Plans Initial Green Crude Production of 10,000 bpd
18 September 2008
Sapphire Energy, a startup which has developed a platform that produces a “green crude” and biohydrocarbon fuels from modified algae, announced that its Series B round of investment brings the company’s total funding to “substantially more” than $100 million. The company says it is now financed to scale up its production facilities to full commercial feasibility. It anticipates relying on existing investors to achieve its initial commercial production capability of 10,000 barrels per day.
Sapphire’s production facilities are modular, transportable, and fueled by sunlight. The company aims to produce Green Crude at a commercial scale within three to five years.
With this investment, Sapphire has the resources to make partnering decisions independent of the need for financing, and the ability to build our first commercial facility with internal funding.
—CEO Jason Pyle
Sapphire’s Green Crude is similar to light sweet crude and can be refined into chemically identical fuel products such as gasoline, jet fuel and diesel products entirely compatible with the current energy infrastructure—from pipelines and refineries to cars and airplanes. The company announced the world’s first renewable 91 octane gasoline that conforms to ASTM certification in May 2008. (Earlier post.)
Sapphire’s investors include ARCH Venture Partners, Wellcome Trust, Venrock and Cascade Investment, LLC, an investment holding company owned by Microsoft Chairman Bill Gates. Sapphire recently established a test and research site in New Mexico, and is evaluating locations across the United States.
Sapphire’s scientific supporters include The Scripps Research Institute; University of California, San Diego; the University of Tulsa, and the Department of Energy’s Joint Genome Project. The company is located in San Diego.
September 18, 2008 in Brief | Permalink | Comments (11) | TrackBack (0)
Comments
Posted by: clett | September 18, 2008 at 06:46 AM
It's a carbon neutral process. It takes C02 from the atmosphere and locks it up as a fuel using sunlight and algae. When the fuel is burnt, the C02 is released again. But no new C02 is entered into the system.
Posted by: Douglas | September 18, 2008 at 07:17 AM
Yes, but do they use atmospheric CO2 as their source or flue gases like so many of the other algae proposers?
Posted by: clett | September 18, 2008 at 07:55 AM
do they use atmospheric CO2 as their source or flue gasesThey do not say, but the plastic-tube growth system suggests that CO2 comes from a concentrated source.
Posted by: | September 18, 2008 at 09:46 AM
I have a friend who is a lobster fisherman (no, I can't get you any cheap)
He is now growing algae for biofuel on his lobster lines and on lines dedicated to algae during the off season.
The extra "catch" is additional income and he hopes to soon be able to fuel his boat using the very biofuel he helps grow.
Posted by: John Taylor | September 18, 2008 at 09:48 AM
John, do you have anything further on your friend's plan? Small algae farms would be a strong supplement to small fisherman & fisheries.
Posted by: gr | September 18, 2008 at 10:33 AM
I hope these guys succeed and grow huge. Otherwise air travel is something many will sorely miss including me.
Posted by: Marcus | September 18, 2008 at 04:59 PM
If algal oil could replace the fuel consumed daily by the U.S. military - it would lower our use of petroleum by 33% immediately. Currently mil fuel usage is around 300M bl/day.
Posted by: Sulleny | September 18, 2008 at 09:14 PM
THREE TO FIVE YEARS FOR PRODUCING FUEL IS TOO LONG A TIME FOR THIS RESULT,MANY ARE CLAIMING FUEL FROM ALGAE BUT NONE IS ABLE TO DEMONSTRATE IT.
Posted by: NIRMALKUMAR WALA | September 18, 2008 at 11:22 PM
Coal to jet fuel plants should have been built by the airlines years ago. Even if there is more carbon release from coal derived fuels, it it better than exporting all the money for external and internal oil. Nuclear power plants can initially supply at least much of teh heat required and low cost and low carbon release. ..HG..
Posted by: Henry Gibson | September 18, 2008 at 11:45 PM
This is a great idea and I think the government should help this company get their plants up and running with low interest loans and grants. My only concern is if the algae gets out into the environment what will happen?
The Salton Sea would be an excellent feedstock of water for this If they could replace any water taken with fresh water and also be responsible for eliminating the salt content(selling it or transporting it away) left over after using the water.
Posted by: Aaron | November 15, 2008 at 09:41 AM
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So do these guys use a coal plant or atmospheric CO2?