VCs back algae venture

The beautiful love child of Allied Carpets and Simple Minds – VC bunch Allied Minds – has teamed with the love child of George Washington and a University – the University of Washington – to form a new biofuels outfit.

The biofuels in question will be the rising star of such things as algae, and the new joint venture will be charged with “commercialising novel technology to develop and create commercially advantageous strains of algae for the production of biofuels”under the name AXI.

More details on exactly what the company will be doing remain scarce, but Professor Rose Ann Cattolico from the University of Washington will be heading up all the algal development.

Here’s what Allied Minds and its Uni chum will say about the planned work:

AXI’s technology is derived from more than 25 years of research at one of the world’s preeminent algae research facilities at the University of Washington in Seattle. The Laboratory, headed by Dr Rose Ann Cattolico, has an extensive knowledge base on algae physiology, a renowned collection of non-GMO algae species and has developed a unique, patented technology licensed exclusively to AXI that will permit the customisation of ours as well as other various algae species to our customer’s growth and production systems.