Sapphire Energy Inc., a San Diego, CA-based company developing algae-based green crude oil, has closed the final tranche of a $144m Series C financing round.
Backers include Arrowpoint Partners, Monsanto, and other undisclosed investors.
This investment brings the total amount raised by the company to date to more than $300m.
Sapphire Energy intends to use the capital to directly support its active and on-schedule commercial demonstration in Luna County, New Mexico. The Green Crude Farm, also known as the Integrated Algal BioRefinery (IABR), is a commercial demonstration scale algae-to-energy facility, which integrates the entire value chain of algae-based fuel, from cultivation to production to extraction of ready-to-refine Green Crude.
Led by CEO Jason Pyle and president and chairman Cynthia J. Warner, Sapphire Energy recently announced partnerships and deals with Earthrise Nutritionals, The Linde Group, Monsanto.
The company has an R&D facility in Las Cruces, New Mexico, and is currently building the first Integrated Algal BioRefinery in Columbus, New Mexico.