Wednesday, June 11, 2008

Oak Investment funds California biofuels play

By Mass High Tech Staff

Westport, Conn.-based Oak Investment Partners has led the $20 million round of investment in Aurora Biofuels Inc., a developer of open-pond algae aquaculture technology.

Oak Investment, a venture capital firm, was joined in the financing by investors Gabriel Venture Partners and Noventi, both California-based VC firms, company officials said.

Alameda, Calif.-based Aurora Biofuels will use the funds to expand its field operations and improve the production of microalgae for bio-oil that can be converted into biofuels, officials said. Aurora Biofuels was founded in 2006.

Oak Investment Partners is a multi-stage VC firm with $8.4 billion in committed capital. The 28-year-old firm has invested in more than 435 companies, firm officials said.