Solix Biofuels raises $10.5 million in Series A financing; will construct 10-acre algae fuel facility in Colorado

In Colorado, algae biofuel producer Solix Biofuels announced that it has raised $10.5 million in its Series A, first-round of outside financing from cleantech investors. The company said that it has also agreed with investors regarding an additional $5 million in financing that will be used to fund the company’s pilot algae production facility in Durango.

The financing was led by London-based I2BF Venture Capital and Fort Collins-based Bohemian Investments. Other participants include Southern Ute Alternative Energy, Valero Energy and Boulder-based Infield Capital. Solix produces algae from closed photo bioreactors, and will locate its first demonstration production facility on the Southern Ute Indian Reservation near Durango. The 10-acre site will be built out in two phases over 18 months, with the first phase consisting of a 4-acre photobioreactor field.

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