Wednesday, August 27, 2008

Braemar Energy VC adds to $45M biofuels development

By Mass High Tech Staff

Braemar Energy Ventures, a venture capital firm with offices in Boston, has contributed to a $45.4 million Series C funding of California company Solazyme Inc., according to published reports. The South San Francisco-based company develops biofuels using microalgae.

The funding involves convertible securities worth about $6.4 million, PE Hub reports. Other investors include Lightspeed Venture Partners, of California, and return backers The Roda Group and Harris & Harris Group.

Braemar has made investments lately in support of regional clean technology, following the firm’s expansion into Boston to focus on investments in energy and clean technology.  In March, the VC firm led a $72 million Series E funding of Billerica-based light-emitting diode maker Luminus Devices Inc., which raised the company’s total to nearly $140 million since its photonic lattice technology was spun out of MIT in 2002.

Braemar, which was founded in 2002 with a $55 million fund, has invested in a total of 10 companies, including two in Massachusetts: EnerNoc Inc., a Boston firm that manages backup electric generators for peak demand periods, and Celunol Corp., a Cambridge company that develops technology for producing ethanol.