Sapphire Energy has come out stealth mode, saying it's producing the chemical equivalent of gasoline from algae.
The San Diego, Calif.-based company also disclosed that it has raised $50 million from Arch Venture Partners, Venrock, and the Wellcome Trust.
Formally launched last May, Sapphire said Wednesday that it has hired Brian Goodall, who led a team of engineers responsible for a cross-Atlantic flight that used algae-based fuel earlier this year.
Sapphire's "green crude" has been certified with a 91-octane rating, but the company disclosed few details about its technology.
Its process can grow algae using … Read more