Avista venture arm invests in Matrix Genetics

Aug 31, 2012 - Matrix Genetics LLC, the biotechnology firm specialising in the production of biofuels and specialty chemicals from blue-green algae, said it had secured funding from the venture unit of energy company Avista Corp (NYSE:AVA).

The investment of Avista Development Inc will allow Matrix to finalise its spinout from Seattle-based agricultural biotechnology firm Targeted Growth. "[Avista's] support will enable us to add staff, expand our labs, and continue the great tradition of bioscience companies in the state of Washington," said Matrix chief executive Margaret McCormick.

The biotechnology company is developing technologies to produce carbon-based chemicals using as feedstock blue-green algae, also known as cyanobacteria. It has already invented proprietary strains of cyanobacteria that can produce huge volumes of oil in a range of specifications. At present, second and third generation organisms are under development to exceed the oil yields of existing one. These advanced cyanobacteria also contain additional new traits resulting in improves production characteristics and making them suitable for various end products such as fuels and chemicals, Matrix said.

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