Solix Biofuels today announced it has secured an 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."