Greentech Lead America: Matrix Genetics, a biotechnology company focused on
producing renewable fuels and specialty chemicals derived from cyanobacteria
(blue-green algae), has received investment from Avista Development, the
venture arm of Avista Corp.
The investment will provide Matrix with working capital
needed to complete its spinout from Seattle-based Targeted Growth, an
agricultural biotechnology company where the foundation of Matrix’s technology
was developed.
Matrix specializes in technologies that leverage the
potential of cyanobacteria as a feedstock for the production of a rich
diversity of valuable carbon-based chemicals. Cyanobacteria are the most
abundant, diverse and robust micro-algae on Earth, using only the energy from
sunlight to convert atmospheric carbon dioxide directly into fuels and other
biological chemicals.
Matrix has used these tools and the immense power
of biotechnology to create new and proprietary strains of cyanobacteria that
can produce oil in significant quantities and in a range of specifications.
With this investment Matrix is now focused on further
developing its technology to: produce lipids (oils) 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.
“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.”