A biofuels company spun off from the University of Minnesota disclosed last week that it's raised more than $357,000 in investment capital.
BioCee, which was founded in 2007, is working on a method for creating liquid hydrocarbon fuel from bacteria, water, sunlight, and carbon dioxide.
The company also disclosed in
a filing with the U.S. Securities and Exchange Commission that it is seeking to raise another $500,000 in the next year.
Co-founder Luca Zullo said it's the company's policy not to comment on fundraising and financial matters.
The company previously
received a $2.2 million grant from the U.S. Department of Energy, as well as a $150,000 small business research grant from the National Science Foundation.
BioCee is also a semifinalist in this year's inaugural Cleantech Open
North Central competition, which covers a seven-state region.
Source: U.S. Securities and Exchange Commission
Writer:
Dan Haugen