Solazyme Announces Series D Financing Round of More Than $50 Million
August 9, 2010
For Immediate Release
All Major Existing Investors, including Strategic Investors Chevron and San-Ei Gen, Participate
SOUTH SAN FRANCISCO, California (August 9, 2010) — Solazyme, Inc., a renewable oil production company and leader in algal biotechnology, announced that it has raised $52 million in its Series D financing round. Solazyme uses microbial fermentation to produce renewable oil that can be used for clean and scalable fuels, chemicals, nutritional food ingredients and health and wellness products.
Braemar Energy Ventures and new investor Morgan Stanley are leading the round with all major existing investors from previous rounds participating, including Lightspeed Venture Partners, The Roda Group, Harris and Harris Group and VantagePoint Venture Partners. Existing strategic investors Chevron Technology Ventures, a division of Chevron USA, and San-Ei Gen, a major Japanese manufacturer and distributor of food ingredients, also participated.
"Our technology and commercialization plans are progressing rapidly. We are executing against multiple partnerships with global industry leaders and the U.S. Department of Defense on a rapid path to commercialization,” said Jonathan Wolfson, CEO of Solazyme. “The strong support from our current investors in the Series D is indicative of our ability to exceed milestones, including the production of renewable oil for multiple applications at large scale.”
Solazyme, Inc. is a renewable oil company and a leader in industrial biotechnology. Founded in 2003 and headquartered in South San Francisco, Solazyme’s proprietary technology transforms a range of low-cost plant-based sugars into high-value oils. Our renewable products can replace or enhance oils derived from the world’s three existing sources—petroleum, plant and animal fats. We tailor the composition of our oils to address specific customer requirements, offering superior performance characteristics at a competitive cost to conventional oils. Solazyme's oils and fuels provide compelling solutions to increasingly complex issues of fuel scarcity, energy security and environmental impact while fitting into the pre-existing multi-trillion dollar fuel infrastructure. Solazyme's investors, among others, include Braemar Energy Ventures, Harris & Harris Group, Lightspeed Venture Partners, The Roda Group, VantagePoint Venture Partners, and Zygote Ventures. For more information, please visit www.solazyme.com.
For more information
- Genet Garamendi
- VP, Corporate Communications
- (650) 963-5228
About Braemar Energy Ventures
Braemar Energy Ventures is a venture capital fund making early- to mid-stage investments in the energy technology sector. The firm's principals have invested in more than 60 companies in the sector and have more than 100 years of combined technical, operational and financial experience in energy and energy-related industries. Braemar partners with exceptional companies and management teams, in both alternative and traditional energy markets, that can contribute to a more profitable and efficient energy landscape through innovation and marketplace expertise. Additional information is available at BraemarEnergy.com or on Twitter at twitter.com/braemarenergy or @BraemarEnergy.
For more information
- Alison McIntyre
- Prosek Partners
- (212) 279-3115 x269