Solix Biofuels closes A round for demo facility, Asian plans

Fort Collins, Colo.-based Solix Biofuels wrapped up its Series A funding today with $16.8 million to finish a demonstration facility and expand development opportunities in Asia, in a round that included new investor Shanghai Alliance Investment.

Solix, which is focused on commercializing microalgae-based fuels and chemicals on a large scale, said the funds are expected to be used to complete constructing a demonstration facility that's planned to be operational in July.

Shanghai, China-based Shanghai Alliance Investment is an international investment group of Jiang Mianheng, the son of a former president of China. It is funded by the state-owned Assets Supervision and Administration Commission of the Shanghai municipal government.

The firm’s contribution to the Series A funding is expected to increase development opportunities for Solix’s technology internationally, and specifically in Asia. The firm’s investments center on entities that have the potential to be deployed in China, according to a news release.

Other investors in the Series A financing include: I2BF Venture Capital, Bohemian Investments, Southern Ute Alternative Energy, Valero Energy, and Infield Capital. In November 2008, Solix raised $10.5 million as part of the Series A funding and $5 million in equity commitments (see $4.8B flows in cleantech sector this week).

The news comes on the heels of Midland, Mich.-based Dow Chemical Company (NYSE:DOW) and Algenol Biofuels announcing plans yesterday to build a pilot, algae-based integrated biorefinery to convert carbon dioxide into ethanol (see Dow, Algenol to build pilot algae-based biorefinery).

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