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BLOOMBERG
For over a decade, Viridos Inc. was the centerpiece of Exxon Mobil Corp.’s heavily advertised push to develop climate-friendly biofuels from algae. The oil major slashed its support for the company last year. Now Viridos, based in La Jolla, California, has secured funding from a new group of backers.
Viridos announced on Monday a $25 million round of financing from Bill Gates-led Breakthrough Energy Ventures, with United Airlines Holdings Inc. and Chevron Corp. also participating. The funding will support Viridos’s ongoing quest to boost the productivity of its algae as it aims to develop low-carbon fuels for heavy-duty transportation, including airplanes and trucks.
Viridos genetically modifies the algae to grow them faster and fatter. The company has increased the productivity of these aquatic organisms by a factor of seven, according to Chief Executive Officer Oliver Fetzer, which is more than halfway to the levels needed for commercial production.