Monday, May 21, 2007

The Pitch

Bodega Algae

Headquarters: Jamaica Plain

Employees: 3

Founded: January 2007

Web: www.bodegaalgae.com

E-mail: shill@media.mit.edu

Phone: 617-899-1754

The Pitch: Seeking $300,000

Pitching the technology

Bodega has provisionally patented technology that can more efficiently, and at lower cost, deliver light and nutrients to algae within a tank, allowing for much greater biomass (oil) yield. Larger volumes of algae will help lower feedstock prices of biodiesel, which currently account for 60 percent of biodiesel manufacturing costs. Additionally, these can be stacked vertically and co-located next to the biofuel processing facility. This saves valuable farmland as well as reduces supply chain logistics.

Pitching the people

Who are the company's founders? Sam Hill is an optical engineer with master's degrees from the University of Arizona and the MIT Media Lab. Currently he is working with an MIT spinout company, Actuality Systems. Amanda Parkes is a Ph.D. candidate at the MIT Media Lab, and holds a bachelor's degree in mechanical engineering from Stanford University.

Who is on the management team? We are still looking for a CEO with experience in the energy sector, preferably in alternative energy. Additional members include Sam Hill, vice president of engineering, and Justin Dawe (MBA, Harvard), business development and finance.

Have executives been involved in a cashout prior to this venture? No.

Who is on the board of advisers, and what other companies have they been with? Professor Mary Allen, head of the BioChemistry Department at Wellesley College. Maura McCarthy, an associate at Ironwood Equity Venture Partners.

Pitching the business

How much money is being sought? Bodega is looking for $300,000 for capital equipment, salaries and testing materials to complete the first prototype and begin a pilot study with a biodiesel manufacturing facility.

What partnerships, collaborations or affiliations are already in place? Collaboration with Wellesley College.

What's the market size being pursued? The U.S. biodiesel market is valued at approximately $5.3 billion.

Who are the likely competitors, direct or indirect? Direct competitors include Greenfuel Technologies, Biokin. Indirect competitors include Agrivida, Genencor.

Is the company profitable? No.

Current annual revenue: No revenue from products; $25,000 seed money for initial operations.