German algae manufacturer secures new multi-million investment
German manufacturer of algae photobioreactors Subitec has secured €4.5 million ($5.4 million) of new venture investment.
It claims the money will be used to launch bioreactors on the international market and help to further extend its market position. The investment was raised through German venture capital firms like Fraunhofer Venture, kfWBankengruppe’s ERP-Startfonds and eCapital Entrepreneurial Partners.
‘Compared to other energy crops, such as maize or wheat, algae are considerably more efficient in creating biomass,’ says eCapital MD Michael Lübbehusen. ‘To exploit this potential, Subitec has developed highly efficient algae photobioreactors which permit the propagation of algae and the creation of algae biomass at competitive prices on an industrial scale. Together we would now like to encourage the further development of this innovative company.’
Subitec will also use the funds from the capital to develop the fourth generation of the flat panel airlift reactor (FPA).
‘The collaboration with our new investors enables us to address international markets and further extend our technological leadership’, adds Peter Ripplinger, MD of Subitec.
Subitec was founded in 2000 as a spin-off of the Fraunhofer Institute for Interfacial Engineering and Biotechnology IGB.