Monday, July 19, 2010
Solazyme Delivers Shipment To U.S. Navy
South San Francisco-based Solazyme, a developer of algae-based biofuels technology, reported it has delivered 1,500 gallons of its 100%, algae-based jet fuel to the U.S. Navy. The delivery comes under a contract announced in September of last year. Solazyme is venture backed by Braemar Energy Ventures, Harris & Harris Group, Lightspeed VenturePartners, The Roda Group, and VantagePoint Venture Partners. The U.S. military is the largest consumer of fuel products in the world, and is in the midst of a major effort to boost use of renewable fuels. The U.S. Navy is aiming at supplying 50 percent of its fuel needs with clean, renewable fuel by 2020.