Aurora Biofuels, Inc., an Alameda, CA-based company which manufactures fuel from genetically optimized algae in a patented production process, has secured an additional $15m in a third round of funding.
This financing round, which was led by Oak Investment Partners, with participation from Gabriel Venture Partners and Noventi Ventures, brings the total amount of money raised by the company to more than $40m.
The new capital will be used to support the commercialization of its advanced algae biofuel technology.
In addtion, the company has hired Scott McDonald, a veteran Silicon Valley executive, as its Chief Financial Officer.
Commenting on the funding, Mr. McDonald, who brings to Aurora Biofuels a 25-year history in executive management and in planning and executing corporate strategy, was reported to say: “This additional investment will be critical as our company expands its field of operations and further optimizes its technology. “I am excited to be joining a company with truly enormous potential and an ample reserve in the bank, and look forward to implementing Aurora Biofuels’ financial and operational strategies moving forward”.