Solix Biofuels, a developer of algae production technology, announced earlier this week that it has secured more than $16 million from inside investors as the first part of its Series B financing round. Bohemian Ventures, The Southern Ute Alternative Energy Fund, and I2BF Global Ventures all participated in the financing. In conjunction with the financing, the company stated that it is changing its name to Solix BioSystems to better reflect its role as a provider of algae production systems.
Solix said that it will use the new funding to drive the commercialization of the AGS, its industrial algae growth system. The company is headquartered in Fort Collins, Colorado and has a demonstration facility near Durango in Southern Colorado.