Sapphire Energy wants to turn algae into oil and investors including Bill Gates are stepping up to try and make that a reality.
Privately held Sapphire announced Wednesday that it is closer to bringing Green Crude Production to commercial scale after raising more than $50 million in 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," the company said in a statement. Investors include Gates' investment firm Cascade Investment LLC, as well as Arch Venture Partners, Britain's Wellcome Trust, and Venrock.
In May, Sapphire said it had raised more than $50 million from Arch Venture, Wellcome and Venrock.
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