Maybe clean tech venture deals come in waves. No sooner did I complete the post on the funding for biodiesel startup Bio Architecture Lab that another Seattle area alternative energy company announced the close of its series A financing.
Blue Marble Energy Corp. -- which is developing ways to convert algae, plants and food waste into fuel -- didn't disclose the size of the round in a press release. But in a SEC filing from April, the company indicated that it had raised $1 million of a $2 million round.
"With the tightness in the financing markets, it is very gratifying to see the faith that the market is placing in our vision of the future of biochemicals and renewable energy from waste biomass," Blue Marble CEO Kelly Ogilvie said in a statement..
Blue Marble has developed a platform -- dubbed AGATE for Acid, Gas and Ammonia Targeted Extraction -- that processes cellulosic, polysaccharide and non-wood biomass materials into energy.
The company writes on its Web site:
Potential feedstocks include food scraps, grass clippings, livestock manure, spent brewery grain, human waste and invasive/nuisance species such as milfoil and algae. Algae have been recognized as a particularly promising source of biomass due to their fast growth, widespread availability and bioremediation potential. BME has removed more than 10,000 pounds of pollution-fed algae from the Puget Sound region for biochemical and energy production.
Here's a look how Blue Marble's system works.
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