[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
A new $1 million relationship between Michigan State University and ExxonMobil will expand research in the fundamental science to advance algae-based fuels. Dr. David Kra...
Glass tubing manufacturer SCHOTT, and Algatechnologies Ltd. (Algatech), a commercial algae producer and one of the largest manufacturers of natural astaxanthin, have part...
Tel Aviv, Israel-based UniVerve Ltd. has begun scaling-up its technological process for algae cultivation. The oil, which can be extracted with off-the-shelf wet extracti...
The Chesapeake Bay Seed Capital Fund, located in College Park, Maryland, has invested $150,000 into Manta Biofuel LLC, a company that produces crude oil from algae at a c...
The Symbiosis Center in Denmark is exploring the industrial potential of microalgae, reports EUobserver's Regional Focus magazine. Using CO2 and light to produce valuable...
Hannah Osborne writes in the International Business Times that algae has been genetically engineered to kill cancer cells without harming healthy cells. The algae nanopar...
Algae producers moving from pilot to commercial applications require quick adaptation to algae harvesting capacity of hundreds and even thousands of cubic meters per day....
Ewen Callaway writes in the jounal Nature that restrictions on harvests and exports of Gelidium seaweed in Morocco have affected the global supply of the lab reagent agar...
Algatechnologies Ltd. has launched its AstaPure® 5% Natural Astaxanthin oleoresin, derived from Haematococcus pluvialis microalgae. This latest addition to the AstaPure f...
Students of algal research, including it's various applications and business models, have increasing opportunities to get quickly up to speed in many aspects of the rapid...
Algae.Tec has announced that it has completed the commissioning and initial startup of an algae production plant to produce algae-based nutraceutical products. The plant ...
Kailua Kona-based Cyanotech Corporation announced financial results for the third quarter and first nine months of fiscal year 2016, ended December 31, 2015. For the thir...