Tuesday, March 8, 2011

Sapphire Energy Scores Backing From Monsanto

San Diego-based Sapphire Energy, a developer of algae-based biofuels technology, has scored an investment and deal with agricultural chemicals firm Monsanto, the two said this morning. Financial details of the investment were not disclosed. Monsanto said it would make an un-specified equity investment in Sapphire, and the two will collaborate on algae-based research projects. Sapphire Energy is developing technology focused on "green crude", using algae which converts sunlight and COs into biofuels. Sapphire has also scored $104.5M as part of the American REcovery and Re-Investment act, and has also previously raised over $100M in funding from ARCH Venture Partners, Wellcome Trust, Venrock, and Cascade Investment. More information »