The Buzz

Algae Jet Fuel Company Leases 15,000 Square Feet

September 3, 2010
AlgaeIndustryMagazine.com

According to the Phoenix Business Journal, Heliae Development LLC has signed a 60-month lease at the 202 Business Park in Gilbert. Heliae is a spinoff company that started as part of the algae-based technology program at Arizona State University’s Polytechnic campus in Mesa. The company is developing a technically viable process to produce JP8 aviation fuel from algae using patented technologies developed by Professors Qiang Hu and Milton Sommerfeld at ASU’s Laboratory for Algae Research & Biotechnology.

The lease transaction for 15,070 square feet was announced by Cushman & Wakefield of Arizona, which represented the landlord, Mountain West Industrial Properties in Greenwood Village, CO. Heliae was represented by CB Richard Ellis in Phoenix.