An Arizona-based producer of algae products, including biofuels, has secured nearly $30 million in funding that it hopes to use to expand its operation. Biofuels Journal reports Heliae raised the $28.4 million that will be used for support and expansion of its first commercial facility in Gilbert, Ariz., set to startup this September.
“With Heliae’s first commercial plant on schedule for startup in the third quarter, the company is in the final stages of proving the viability of our flexible Volaris™ production platform and demonstrating economics at a commercial scale,” said Dan Simon, president and CEO of Heliae.
“It’s an exciting time for Heliae and the sustained support of existing investors, as well as the addition of new investors, demonstrates our momentum and continued success in scale-up.”
Heliae’s flexible Volaris platform combines the best of existing algae production models, utilizing both sunlight and low-cost carbon feedstocks to optimize output.
Volaris is a mixotrophic algae production platform, a hybrid of known phototrophic and heterotrophic models, which affords decreased capital costs, reduced contamination and increased productivity and product optionality.
The plant is being built in two phases, with the first phase delivering high-value nutraceuticals made under high light conditions and the second making a personal care product in lower light conditions.