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U of M biofuels spin-off BioCee raises $357,070 from investors

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
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