Solix Biofuels, an energy technology firm focused on algae-based intermediates for fuel and chemical production, announced that it has raised US $10.5 million in its first round of outside funding. The company also said that it has reached an agreement with investors for an additional commitment of US $5 million, to be used to build an algae biofuel facility near Durango, Colorado.

The funding will support Solix's development of its fourth-generation technology, including a proprietary closed photo-bioreactor system, which produces biocrude from algae.