Wednesday, September 17, 2008

Gates' Cascade Investments Backs Algae Energy Firm

Microsoft's Bill Gates, through Cascade Investment, his investment holding firm, is backing a firm which is using algae, sunlight, and CO2 to create petroleum products--Sapphire Energy, Sapphire said today. Sapphire Energy, which is based in San Diego, said Wednesday morning that Cascade Investment is part of a syndicate of investors backing the company to the tune of $100M. Cascade has joined as part of a Series B round in the firm, which says it uses sunlight, CO2, industrial microorganisms, non-arable land and non-potable water to create a product similar to light sweet crude. Sapphire Energy claims that its products can be refined into fuel for gasoline, jet fuel and diesel products.