Solix BioSystems (formerly known as Solix Biofuels), a Ft. Collins, Colorado-based developer of algae production technology designed to produce algal biocrude and other algal products on an industrial scale, has raised over $16m as the first part of its Series B financing round.
Investors include existing backers Bohemian Ventures, The Southern Ute Alternative Energy Fund and I2BF Global Ventures.
The company intends to use the funds to commercialize its industrial algae growth system, the AGS™, utilizing Solix’s proprietary, high-productivity photobioreactors.
Led by CEO Joel Butler, Solix BioSystems works with partners interested in utilizing its AGS technology to produce products derived from algae and to reduce CO2 emissions.
The company has a demonstration facility near Durango in Southern Colorado.