Wednesday, September 3, 2008

ASU Biofuel Spinout Gets $3M In Funding

Arizona State University said Tuesday that the firm has spun out a new company, Heliae Development, with $3M in funding and technology derived from research at the university. ASU said that it is in a research and commercial collaboration with the new firm, Heliae Development, and the Science Foundation of arizona, to develop, produce, and sell kerosene-based aviation fuel derived from algae. The funding came from Arizona Technology Enterprises (AzTE), the technology venture arm of ASU. ASU said that the research came from Professors Qiang Hu and Milton Sommerfeld at ASU's Laboratory for Algae Research & Biotechnology. More information »