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Aurora Biofuels raises $15m for algae-based fuels Aurora Biofuels raises $15m for algae-based fuels

18 Mar 2010. Source: AltAssets
Aurora Biofuels has secured an additional $15m in a recent funding round led by Oak Investment Partners, with the continued support of Gabriel Venture Partners and Noventi Ventures, bringing the total amount of money raised by the company to more than $40m.

Aurora said the new funding will be used to support the continued path to commercialisation for its advanced algae biofuel technology.

The company has also hired Scott McDonald, a veteran Silicon Valley executive, as its CFO, who brings a 25-year history in executive management and planning and, executing corporate strategy to Aurora Biofuels. McDonald is the former CEO of Castelle and former CFO and CAO of Conxion Corporation.

Brian Hinman, Oak Venture partner and director of Aurora, said, “Aurora Biofuels has made a significant genetic engineering achievement in doubling the productivity of its proprietary algae and this round of funding will allow the company to demonstrate the productivity and production processes at scale.”

Investors in Aurora Biofuels, which manufactures fuel from genetically optimised algae in a patented production process, include Oak Investment Partners, Noventi Ventures and Gabriel Venture Partners.

Oak Investment Partners is a multi-stage venture capital firm with a total of $8.4bn in committed capital.

Copyright © 2010 AltAssets

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