Heliae plant will mass-produce algae for multiple uses
With expansion of commercial applications for algae, the cost of mass-producing it will be lower, thus making algae-based products, such as fuel, cheaper and more competitive.
“The reason we’re doing it ourselves is we want to do it right,” said CEO Dan Simon.
Heliae was founded in 2008 as a spinout of Arizona State University algae research. It began with one patent and the backing of the extremely wealthy Mars family, which owns Mars Inc.
It also has garnered between $50 million and $60 million in venture funding during the past four years, including $15 million from the Indonesia-based Salim Group earlier this month. That money comes with a potential partner for a commercial production facility in Asia, Simon said.
Read more at the Phoenix Business Journal
By: Patrick O’Grady Reporter- Phoenix Business Journal