Aurora Biofuels closes finance round

By Bryan Sims | June 17, 2008
Web exclusive posted June 24, 2008 at 3:20 p.m. CST

Alameda, Calif.-based Aurora Biofuels secured $20 million through a second round of funding led by existing investor Oak Investment Partners. Previous Series A investors Gabriel Venture Partners and Noventi also participated in the round.

Aurora Biofuels intends to use the funds to expand its field of operations in open-pond algae aquaculture technology, and to increase its effort in optimizing the production cycle of growing, harvesting and extracting microalgae for biodiesel production. "We are ahead of our company growth and development plans, and the new funds will allow us to accelerate our efforts in the field even further," said Matt Caspari, founder and chief executive officer of Aurora Biofuels. "Obviously, there is a great need today to decrease dependence on foreign oil. We believe that algae are one exciting alternative to traditional agricultural sources of biofuels, and we are committed to bringing algae-derived biofuels to fruition."

Founded in 2006, Aurora Biofuels was formed to develop the lowest-cost solution for growing algae, and producing bio-oil and other biofuels. The company's immediate endeavors involve exploring different strains of algae for optimum yields, improving harvest methods and increasing management practices of algal farms.

As for its long-term objectives, Aurora intends to use the funds to optimize the aforementioned tasks through the research and development of algae for bio-oil and biodiesel production. "[The funds] will essentially prove out what we're doing at a larger scale," said Jim Long of Gabriel Venture Partners. "It's exciting for us, and we have great hope for algae in the future."

For more information on Aurora Biofuels, visit www.aurorabiofuels.com/home.htm.
 
 
Array ( [REDIRECT_REDIRECT_STATUS] => 200 [REDIRECT_STATUS] => 200 [HTTP_HOST] => www.biodieselmagazine.com [HTTP_ACCEPT_ENCODING] => x-gzip, gzip, deflate [HTTP_USER_AGENT] => CCBot/2.0 (http://commoncrawl.org/faq/) [HTTP_ACCEPT] => text/html,application/xhtml+xml,application/xml;q=0.9,*/*;q=0.8 [PATH] => /sbin:/usr/sbin:/bin:/usr/bin [SERVER_SIGNATURE] =>
Apache/2.2.15 (CentOS) Server at www.biodieselmagazine.com Port 80
[SERVER_SOFTWARE] => Apache/2.2.15 (CentOS) [SERVER_NAME] => www.biodieselmagazine.com [SERVER_ADDR] => 100.79.216.6 [SERVER_PORT] => 80 [REMOTE_ADDR] => 23.22.240.119 [DOCUMENT_ROOT] => /datadrive/websites/biodieselmagazine.com [SERVER_ADMIN] => webmaster@dummy-host.example.com [SCRIPT_FILENAME] => /datadrive/websites/biodieselmagazine.com/app/webroot/index.php [REMOTE_PORT] => 37918 [REDIRECT_QUERY_STRING] => url=articles/2493/aurora-biofuels-closes-finance-round [REDIRECT_URL] => /app/webroot/articles/2493/aurora-biofuels-closes-finance-round [GATEWAY_INTERFACE] => CGI/1.1 [SERVER_PROTOCOL] => HTTP/1.0 [REQUEST_METHOD] => GET [QUERY_STRING] => url=articles/2493/aurora-biofuels-closes-finance-round [REQUEST_URI] => /articles/2493/aurora-biofuels-closes-finance-round [SCRIPT_NAME] => /app/webroot/index.php [PHP_SELF] => /app/webroot/index.php [REQUEST_TIME_FLOAT] => 1516772536.867 [REQUEST_TIME] => 1516772536 )