At the invitation of the California Energy Commission (CEC), Prize Capital’s Matt Peak presented on algae-based renewable fuels at the CEC’s Staff Workshop for the 2010-11 Investment Plan.  Peak sat on a panel with Steve Mayfield, professor at the University of California San Diego and founder of Sapphire Energy, and Matthew Frome of Solazyme.

The Prize Capital presentation discussed the status of algae technology, and what is required to establish in-state algae fuel facilities.

Specifically, Peak outlined why Prize Capital is focusing on California-based algae fuel companies, specifically through its development of the Prize Capital Algae Fuel Prize.   The presentation conveyed Prize Capital’s interest in investing in companies that are poised to produce (rather than simply research) algae-based renewable fuels while maintaining the highest of environmental standards (in a landscape where such standards don’t yet exist), and how the Prize Capital Algae Fuel Prize provides a mechanism to source such companies.

The uniqueness of the Prize Capital venture finance model – as it would be applied in the Algae Fuel Prize – was also discussed as a pioneering way to  leverage prizes and direct more investment in algae producers who set up production facilities in California to chase the prize.   The Algae Fuel Prize presents a very powerful and winning package for the state, for competitors, and for investors.

The purpose of the Investment Plan Workshop was to obtain specific information and data on market, technology and policy issues related to the production, distribution and sales of biofuels in California. The outcome will assist CEC staff in the preparation of the 2010-2011 AB 118 Investment Plan for the Alternative and Renewable Fuel and Vehicle Technology Program.

More information on the Algae Fuel Prize can be found here.

Watch a WebEx recording of Prize Capital’s testimony at the California Energy Commission’s Staff Workshop for the 2010-11 Investment Plan by clicking here.