STUTTGART, GERMANY, Manufacturer of fully automated algae photobioreactors, has closed a second round of financing.
Subitec GmbH, a manufacturer of fully automated algae photobioreac- tors, has closed a second round of financing. The Cleantech- Fonds of eCAPITAL entrepreneurial Partners AG, Fraunhofer Venture, High-Tech Grunderfonds (HTGF) [High-Tech Start-Up Fund] and KfWBankengruppe's ERP-Startfonds [ERP Start Fund] participated in the capital increase. Subitec funds to the amount of 4.5 m euro will accrue in this round of financing. The raised capital is to be used mainly for launching bioreactors on the international market and to extend technological leadership.
"Compared to other energy crops such as maize or wheat, algae are considerably more efficient in creating biomass. To exploit this potential, Subitec has developed highly efficient algae photobiore- actors which permit the propagation of algae and the creation of al- gae biomass at competitive prices on an industrial scale. Together we would now like to encourage the further development of this in- novative company", says Dr Michael Lübbehusen, Managing Part- ner of eCAPITAL AG. The capital made available would enable Subitec to further extend its market position.