Wednesday, May 11, 2005

ORYXE Energy Gets Investment

Irvine-based ORYXE Energy International, a developer of cleaner-burning fuel additives, has received strategic funding from Netherlands-based DSM Venturing, the corporate venture arm of chemical specialities maker DSM. The funding comes as part of a Series C round of funding in the company. According to a spokesperson for the firm, the company has closed the first two tranches of its Series C round, and is planning on a June close for its third tranche. The total funding for the round will be between $11 and $16 million, according to Oryxe, and includes funding from DSM, Ridgewood Capital, Odyssey Venture Partners, Sail Venture Partners and Galpin Ford. ORYXE said that the money will go towards the commercialization of ORYXE Energy's first product, OR-LED. The company's product reduces toxic emissions from conventional and reformulated fossil fuels. More information »