Solazyme, Inc., a South San Francisco, CA-based renewable oil and bioproducts company utilizing innovative algal biotechnology, has received a $21.8m federal grant from the US Department of Energy (DOE).
The funds, which will complement significant private investment in the project, will allow the company to build its first integrated biorefinery on the site of Cherokee Pharmaceuticals’ existing commercial biomanufacturing facility in Riverside, PA.
The project will enhance the national infrastructure investment in biofuels as an alternative to fossil fuels and will create or preserve many green jobs.
Solazyme is developing a technology that allows algae to produce oil and biomaterials tailored for biofuel production, and as replacements for fossil petroleum and plant oils in different products including clean fuels, chemicals, cosmetics and foods.
Company’s investors include Braemar Energy Ventures, Harris & Harris Group, Lightspeed Venture Partners, Roda Group, and VantagePoint Venture Partners.