Total capital raised substantially exceeds $100 million SAN DIEGO, Sept. 17
SAN DIEGO, Sept. 17 /PRNewswire/ -- Sapphire Energy took another step
closer to bringing Green Crude Production to commercial scale today by
announcing it has raised substantial additional financing from existing and
new investors.
Sapphire Energy's Series B round of investment brings the company's total
funding to substantially more than $100 million, and Sapphire is now financed
to scale up its production facilities to full commercial feasibility.
Sapphire anticipates relying on existing investors to achieve its initial
commercial production capability of 10,000 barrels per day.
Sapphire's production facilities will be capable of expanding and growing
easily and economically because production is modular, transportable, and
fueled by sunlight -- not constrained by land, crops, or other natural
resources. The company aims to produce Green Crude at a commercial scale
within three to five years.
"With this investment, Sapphire has the resources to make partnering
decisions independent of the need for financing, and the ability to build our
first commercial facility with internal funding," said CEO Jason Pyle.
Sapphire Energy uses sunlight, CO2, industrial microorganisms, non-arable
land and non-potable water to produce alternatives to common products made
from petroleum. Sapphire's Green Crude is similar to light sweet crude and
can be refined into chemically identical fuel products such as gasoline, jet
fuel and diesel products entirely compatible with the current energy
infrastructure -- from pipelines and refineries to cars and airplanes. The
company announced the world's first renewable 91 octane gasoline that conforms
to ASTM certification in May 2008.
"We created Sapphire Energy by working backwards and considering what a
perfect fuel would look like -- carbon neutral, renewable, not dependent on
arable land or potable water," said Pyle. "We are creating an entirely new
category of energy -- Green Crude Production -- and are now at a point where
we can focus on implementing our plans without worrying about fundraising."
Sapphire's investors include ARCH Venture Partners, Wellcome Trust,
Venrock and Cascade Investment, LLC, an investment holding company owned by
Microsoft Chairman Bill Gates.
Sapphire recently established a test and research site in New Mexico, and
is evaluating locations across the United States.
About Sapphire Energy
Sapphire Energy was founded to address the overwhelming inadequacies of
current biofuel approaches. The company has built a revolutionary platform
using sunlight, CO2 and microorganisms such as algae to produce renewable, 91
octane gasoline that meets ASTM standards. The final product is not ethanol
or biodiesel. Sapphire is led by a team of entrepreneurs and experts in cell
biology, plant genomics and algal production, as well as investors with long
histories of taking innovative technology to market, including co-founder ARCH
Venture Partners, along with the Wellcome Trust, Cascade Investment and
Venrock. Sapphire's scientific supporters include The Scripps Research
Institute; University of California, San Diego; the University of Tulsa, and
the Department of Energy's Joint Genome Project. The company is located in
San Diego. For more information, visit www.sapphireenergy.com and
www.greencrudeproduction.com .
SOURCE Sapphire Energy
