TIME Inc., in partnership with CNN, names algae project a “Best Invention of 2008”
SkySong partners with Heliae Development in Multi-Million Dollar Biofuel Initiative
SCOTTSDALE (November 6, 2008) – ASU SkySong, the Scottsdale Innovation Center, will soon have a new occupant, Heliae Development, LLC. Heliae will use space at SkySong according to an agreement signed last week. Heliae was formed by several members of the Mars family, who have an extremely successful private family business with a long-standing commitment to the environment.
The work of two ASU professors, Qiang Hu and Milton Sommerfeld, was recently named by TIME Magazine, in partnership with CNN, the 11th “Best Invention of 2008.”
This new venture is a result of Arizona State University recently entering into a groundbreaking research and commercialization collaboration with Heliae Development, LLC and Science Foundation Arizona (SFAz) to develop, produce and sell kerosene-based aviation fuel derived from algae. Arizona Technology Enterprises (AzTE), the technology venturing arm of ASU, helped launch the venture, which is based on ASU-owned intellectual property.
“SkySong is the right place for Heliae’s headquarters at this time,” said Frank Mars, coordinating investor in Heliae. “SkySong will help us scale Heliae through its network of local and global business connections.”
Augustine Cheng, AzTE managing director and chief legal officer supports this effort. “ASU SkySong benefits University spinouts by providing them with the services they need to succeed, such as connections to management talent, entrepreneurial training and market research.”
Scientists working at Arizona State University’s Laboratory for Algae Research & Biotechnology hope that tiny algae will be able to fuel jumbo jets. The researchers say they’ve already moved their work from the lab bench to a pilot-scale demonstration and production project.
This biofuel project will focus on the commercial production of kerosene from algae using patented technologies developed by Professors Hu and Sommerfeld. Their pioneering discoveries have demonstrated significant cost-reduction benefits when compared with traditional methods of producing kerosene from petroleum. Professor Hu was selected to speak last week to the world’s leading experts in the algae field at the annual Algae Biomass Summit in Seattle on behalf of the groundbreaking research being conducted at Arizona State University.
Under the license agreement with Heliae, AzTE will receive an equity stake in the company along with other standard forms of consideration. Heliae will provide research funding of $1.5 million to ASU to support further development of the specific algal strains towards commercial production of jet fuel. The Heliae funding will be matched dollar for dollar by a Strategic Research Group award from SFAz.
Located at SkySong, Arizona Technology Enterprises was established in 2003 as a wholly-owned subsidiary of the Arizona State University Foundation.
Staffed by professionals with extensive industry and university experience in intellectual property and related business development, AzTE operates as the exclusive IP management and technology transfer organization for ASU. For more information about AzTE, visit www.azte.com.
SkySong, the ASU Scottsdale Innovation Center, is currently home to more than 40 enterprises from 11 countries, with clusters of companies in e-learning, information communications technologies, and sustainability. ASU SkySong is an interactive business environment in which individual entrepreneurs, global and U.S. enterprises, ASU researchers, and community members connect to bring new services and technologies to the marketplace. For more information about ASU SkySong, go to http://skysong.asu.edu
SkySong will ultimately consist of 1.2 million square feet of research, office, residential and retail space. Higgins Development Partners and Plaza Companies are co-developers of the project in partnership with Arizona State University Foundation and USAA Real Estate Company. Located at the intersection of Scottsdale and McDowell Road, two buildings totaling over 300,000 square feet are now open. For more information, visit www.skysongcenter.com
The TIME “Best Invention” listing can be seen at: http://www.time.com/time/specials/packages/article/0,28804,1852747_18541...
###
Media contact:
Alison Bendler, ASU SkySong
480-884-1654
480-241-0685 cell
alison.bendler@asu.edu