Aurora Biofuels, Inc. has secured an additional $15 million in a recent funding round led by Oak Investment Partners, with the continued support of Gabriel Venture Partners and Noventi Ventures. This third round of financing brings the total amount of money raised by the company to more than $40 million. The new funding will be used to support the continued path to commercialization for its advanced algae biofuel technology.
In addition, the company has hired Scott McDonald, a veteran Silicon Valley executive, as its Chief Financial Officer. Mr. McDonald brings to Aurora Biofuels a 25-year history in executive management and in planning and executing corporate strategy.
In August 2009, Aurora Biofuels announced that it had succeeded in optimizing its base algae strains to more than double CO2 consumption and fuel production, and has proven these results in an outdoor open system.
The company has been collaborating with Florida Tech in a project focused on developing biofuel with co-products to enhance animal feed as a means to improve the economics of the fuel-production process. A key goal is to produce algae biomass with a high content of triglycerides suitable for conversion to biodiesel and with a high content of valuable omega-3 fatty acids and carotenoids, which can augment animal feeds. (Earlier post.)