News and Releases
BlueCrest Capital Finance Supplies $5 Million in Debt Financing to Solazyme, Inc.
Chicago, IL - September 19, 2007 - BlueCrest Capital Finance, L.P. has provided $5 million in new debt financing to Solazyme, Inc., a leading biotechnology company that manufactures algal-derived biofuel and health/wellness products.
“Solazyme has a well developed IP portfolio coupled with a current capability to produce quantities of next generation biofuels at a scale we have not seen elsewhere in the sector” said Gail Fitzpatrick, Managing Director of BlueCrest Capital Finance. “The company’s biodiesel and biocrude products address an immensely large and expanding market need for clean energy solutions, and we are impressed with the team’s ability to leverage their algae expertise into industrial chemicals, cosmetics and nutraceuticals.”
“We are very happy to be working with Blue Crest’s team. They have continually impressed us with the depth of their expertise in energy and life sciences. They listened to our needs and worked with us to come up with a financing option that will accelerate our product development in a number of key areas” said Harrison F. Dillon, Chief Executive Officer of Solazyme.
Based in South San Francisco, CA, Solazyme is an algal biotechnology company that genetically engineers microalgae to produce various specialty chemicals and fuels. The company’s products in the clean energy sector include biodiesel and biocrude products, and in the health/wellness arena the company manufactures cosmetics and nutraceuticals. The company integrates expertise in microalgae genetics with process development and large scale biomanufacturing technology to exploit novel and robust biochemical pathways in microalgae.
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About Solazyme:
Founded in 2003 and headquartered in South San Francisco, California, Solazyme is a leading biotechnology company focused on the engineering and optimization of microalgae for the manufacture of biofuels and health and wellness products. For more information, please visit: http://www.solazyme.com.
About BlueCrest Capital Finance, L.P.:
BlueCrest Capital Finance, L.P., a US based commercial finance company, provides debt financing solutions to development stage companies in a broad range of industry sectors including IT, Communications, Hardware, Software, Semi-Conductor, Electronics, Energy, Medical Device and Life Science. The team, which has been together continuously since 1998, pursues debt transactions in the $1-25 million range and has consummated approximately 750 transactions with total commitments in excess of $1.5 billion.
BlueCrest Capital Finance, L.P. Michelle Scimeca River Communications (914) 686-5599 Mscimeca@riverinc.com
For Solazyme Walter Rakitsky, Ph.D., M.B.A. Senior Director, Business and Strategy Ph: 650-780-4777 wrakitsky@solazyme.com
