CMEA confirms work on algae “stealth project”, may form new company

In California, Cleantech Group is reporting that CMEA Capital has said that “they are working on a stealth project in collaboration with a university in San Diego to genetically modify algae to produce chemicals.”

“We’re working to see if we can build our own company,” CMA founder Baruch told Cleantech. “We’re shopping for the right technologies and supporting some small research projects.” Baruch also commented that he expected Codexis, into which CMEA has invested $15 million to date, will become profitable this year.

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