Solix Secures Additional Financing and Changes Name to Solix BioSystems
FORT COLLINS, CO — (March 28, 2011) — Solix Biofuels today announced it has secured in excess of $16 million from inside investors as the first part of its Series B financing round. The new funding will drive the commercialization of Solix's industrial algae growth system, the AGS™, utilizing Solix's proprietary, high-productivity photobioreactors. Bohemian Ventures, The Southern Ute Alternative Energy Fund and I2BF Global Ventures have all participated in this financing. In conjunction with the financing, Solix is changing its name to Solix BioSystems to better reflect its role as a leading provider of algae production systems.
"This new round of financing from current investors demonstrates their continued excitement and support for our progress," said Joel Butler, Solix's Chief Executive Officer. "Solix is poised to launch its first commercial AGS product into the market. With our focus on providing customers with algae production systems, Solix BioSystems better reflects the Company's objectives."
About Solix BioSystems
Solix BioSystems, Inc. is a developer of algae production technology designed to produce algal biocrude and other algal products on an industrial scale. Its proprietary AGS offers the ability to cost efficiently produce algae products with high productivity and reliability. The Company works with partners interested in utilizing its AGS technology to produce products derived from algae and to reduce CO2 emissions. Solix BioSystems is headquartered in Ft. Collins, Colorado and has a demonstration facility near Durango in Southern Colorado. The Company is venture funded. For more information, visit www.solixbiosystems.com.
Solix Biofuels Contact:
Joanna K. Money
Vice President, Business Development
Office: (970) 692 5611