Energy Capital Management Provides Series A Funding for Bio Architecture Lab

Converting Seaweed to Biofuels & Chemicals

Oslo, Norway – November 22, 2009 – Energy Capital Management (ECM), the independent manager of Statoil ASA`s venture portfolio, today announced its participation in the Series A investment in Bio Architecture Lab, developer of technology to convert aquafarmed, native macroalgae (seaweed) into biofuels and renewable chemicals. ECM, along with Austral Capital and X/Seed Capital, contributed to Bio Architecture Lab’s Series A round of financing, in which Bio Architecture Lab raised a total of $8 million. Bio Architecture Lab will accelerate development and commercialization of its proprietary technology that converts seaweed into biofuels and chemicals that are cost-competitive with petroleum derived fuels and chemicals, while significantly reducing greenhouse gas emissions.  

Lars Nordli, Vice President for Biofuels within Statoil said, “Statoil’s mission is to deliver energy to the world in a responsible manner. Having surveyed many possible biofuel technologies, we believe that macroalgae is a low-cost, scalable, and sustainable biomass that has large potential both in Norway and internationally. In addition, seaweed does not compete for land or fresh water. Potential cooperation with Bio Architecture Lab will give us the opportunity to supply Statoil’s customers with a high-end sustainable biofuel.”

Richard Erskine, partner in ECM commented, “Bio Architecture Lab is a leader in the development of technology to commercialize macroalgae as a next-generation feedstock for biofuels. We see high growth potential in this company. This transaction is a typical example of the tight relation between technology companies, ECM as an investor, and Statoil as a potential user of technology” 

Bio Architecture Lab is a leader in the application of synthetic biology and enzyme design to the development of biofuels and renewable chemicals from macroalgae.   With operations in Berkeley, CA and Santiago Chile, Bio Architecture Lab was founded in 2007 in Seattle, WA by Bio Architecture Lab’s Chief Scientific Officer Dr. Yasuo Yoshikuni, President Yuki Kashiyama, and University of Washington Professor Dr. David Baker.

"Bio Architecture Lab is proud to attract international financial support for our company from our venture investors and strategic validation from Statoil, the world’s largest offshore energy company," said Nikesh Parekh, CEO of Bio Architecture Lab. “This investment, coupled with Statoil’s significant development and engineering expertise, gives Bio Architecture Lab a critical advantage in the commercialization of our macroalgae to biofuels technology.”

About Energy Capital Management

Energy Capital Management AS (“ECM”) is leading venture capital investor within the energy sector, dedicated to the Oil & Gas, and Clean Energy sectors for almost 10 years. ECM is the independent manager of Statoil’s venture portfolio (www.statoil.com), an International Fortune 500 Energy company headquartered in Norway. Close cooperation with Statoil supports ECM`s market driven investment approach and provides a unique platform to review and build young companies with the ambition to make a difference in the energy sector. ECM works actively with its portfolio companies to help them meet important technological and commercial milestones. Today, ECM has a portfolio of 25 active companies located in Europe and North America, and close to USD 250M under management. ECM investment team has a strong track record of value creation from the Oil & Gas industry, the Clean Energy sector, and the Private Equity industry. The headquarter is located in Oslo, Norway, with additional offices in Trondheim (Norway) and Aberdeen (UK).

About Bio Architecture Lab

Bio Architecture Lab is a leader in the application of synthetic biology and enzyme design to the development of biofuels and renewable chemicals from aquafarmed, native macroalgae (seaweed).  With operations in Berkeley, CA and Santiago, Chile, Bio Architecture Lab was founded in 2007 in Seattle, WA by Bio Architecture Lab’s Chief Scientific Officer Dr. Yasuo Yoshikuni, President Yuki Kashiyama, and University of Washington Professor Dr. David Baker.