The stock for algae company Solazyme rises 15 percent in its initial public offering, raising $227 million to expand its biofuels and chemicals businesses.
The California company seeks to raise up to $100 million on the stock market to speed up commercialization of its algae oil for fuels, food, and personal care products.
Many companies have tried to make fuel and food products from algae, but Solazyme's unique approach has helped accentuate its potential for commercializing algae biofuels.
Company's renewable diesel earns certification as a fuel and gets tested on a Jeep Liberty with a diesel engine.
Solazyme signs contract to provide additional 150,000 gallons of algae-derived advanced biofuels to U.S. military by 2011.
Next-generation biofuels using algae or plant wastes are getting closer to commercialization, but large-scale production with sustainably grown plants remains the challenge.
From biofuel to cooking oil and skin care products, algae is becoming the new go-to ingredient for a myriad of products. On a visit to Solazyme, a South San Francisco-based biotech company, CNET News.com's Kara Tsuboi rides in a 100 percent algae-fueled car and samples surprisingly tasty algae cooking oil that rivals any extra virgin olive oil.
Solazyme already converts algae into transportation fuel. Coming up next: Food oils that are healthier than canola oil.
Imperium and Solazyme want to put algae in the tank. Stay tuned for when.