[ad#The Buzz Sponsor Ad]

Avista Funds Targeted Growth Spinout Matrix Genetics

August 29, 2012
AlgaeIndustryMagazine.com

Seattle, WA-based Matrix Genetics, a biotechnology company focused on producing renewable fuels and specialty chemicals derived from cyanobacteria (blue-green algae) has announced that Avista Development, Inc., of Spokane, WA, has invested in the company.

Avista Development is the venture arm of Avista Corp., an energy company involved in the production, transmission and distribution of energy, as well as other energy-related businesses. The investment provides Matrix with working capital to complete its spinout from Seattle-based Targeted Growth, an agricultural biotechnology company where the foundation of Matrix’s technology was developed.

“Avista’s investment is the springboard for Matrix to become an independent company with the resources to further develop our technologies that are creating a pathway to low-carbon, sustainable and renewable fuels and chemicals,” said Margaret McCormick, CEO of Matrix Genetics. “Their support will enable us to add staff, expand our labs, and continue the great tradition of bioscience companies in the state of Washington.”

Margaret McCormick, CEO of Matrix Genetics

Margaret McCormick, CEO of Matrix Genetics

Matrix is developing technologies to leverage the potential of cyanobacteria as a feedstock for the production of a rich diversity of valuable carbon-based chemicals.

Cyanobacteria are relatively simple, single cell organisms; their genome (the cell’s DNA) has already been mapped for several cyanobacteria species, and there is a robust set of “tools” available to modify them. Matrix has used these tools to create new and proprietary strains of cyanobacteria that can produce oil in significant quantities and in a range of specifications. Second and third generation organisms are being developed that also contain new traits that enhance their production characteristics and make them suitable for a wide range of end products, including fuels and chemicals.

In completing its spinout, the company is now focused on further developing its technology toward these goals: produce lipids for fuels and other products; develop production strains that are suitable for different growing environments, resistant to predators and harmless to the environment around them; create strains that continually produce and secrete oils, removing the need for costly harvesting; and increase the cultivation capacity to provide samples for testing with commercialization partners and prospects.

More Buzz…

HOME Algae Industry Jobs

Copyright ©2010-2012 AlgaeIndustryMagazine.com. All rights reserved. Permission required to reprint this article in its entirety. Must include copyright statement and live hyperlinks. Contact editorial@algaeindustrymagazine.com. A.I.M. accepts unsolicited manuscripts for consideration, and takes no responsibility for the validity of claims made in submitted editorial.

From The A.I.M. Archives

— Refresh Page for More Choices
Prior posts highlight the value proposition for building a Green Friendship Bridge of algae microfarms in lieu of 1%, (13 miles) of Donald Trump’s proposed border wall wi...
Kuo Chia-erh reports for Taipei Times that Taiwan Cement Corp, the nation’s leading cement supplier, has announced plans to expand its microalgae farm, which produces ast...
In New Zealand is an internationally significant collection of microalgae cultures known as the Cawthron Institute Culture Collection of Microalgae (CICCM). The CICCM was...
Tafline Laylin writes for Inhabitat.com about the elegant solution that Romanian designer Alexandru Predonu has conceived that uses solar energy to power a rotating desal...
If you’re a fan of the television show “Shark Tank”, you won't want to miss the episode that airs this Friday, November 18th 9:00-10:00 p.m. EST on ABC Television, when C...
Portuguese microalgae producer, Allmicroalgae Natural Products S.A., has moved to the next stage in development of new production technologies to grow Nannochloropsis oce...
The Energy Department (DOE) has announced the selection of six projects for up to $12.9 million in federal funding, entitled, “Project Definition for Pilot- and Demonstra...
Joy Lanzendorfer reports for NPR that, as seaweed continues to gain popularity for its nutritional benefits and culinary versatility, more people are taking up seaweed fo...
Dan Wood, at the University of Connecticut, writes that assistant extension educator of marine aquaculture at UConn’s Avery Point Campus, Anoushka Concepcion, spoke about...
The University of Kentucky (UK) Center for Applied Energy Research’s (CAER) Biofuels and Environmental Catalysis Group has received a $1.2 million U.S. Department of Ener...
Essen, Germany-based Evonik, and Royal DSM, headquartered in Kaiseraugst, Switzerland, have announced their intention to establish a joint venture for omega-3 fatty acid ...
For algal biofuels to compete with petroleum, farming algae has to become less expensive. Toward that goal, Sandia National Laboratories is testing strains of algae for r...