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Shareholders of Harris & Harris Group may be interested in recent highlights from some of our portfolio companies. These releases, as well as news from our other portfolio companies, can be found on our web site at www.hhvc.com/releases.cfm?Year=&ReleasesType=&PageNum=2.
Brideglux, Inc., continues to execute on its aggressive growth trajectory. On December 6, 2011, Bridgelux announced commercial availability of its latest generation LED arrays. These latest products deliver an increase in efficiency of up to 30 percent and a reduction of up to 30 percent in cost per lumen compared to previous product generations. Additionally, Bridgelux LED arrays were selected for the installation of 1000 downlights at the new Sheraton Hotel at D-Cube City in Seoul, South Korea. The new LED lighting will reduce energy consumed by up to 63 percent compared to the typical use of halogen and compact fluorescent downlights. Finally, Bridgelux was named to Forbes' list of America's Most Promising Companies. Bridgelux was ranked 58th on the list of 100 privately held companies selected from 22 industries for their innovative business models and strong management teams. Forbes noted that Bridgelux's revenue grew 168 percent from 2008 to 2010.
Solazyme, Inc., (Nasdaq:SZYM) continues to execute on its partnership development. On December 6, 2011, the Navy and the Agriculture Department announced the purchase of nearly a half million gallons of biofuel for an air-sea military exercise in 2012 from Solazyme and Dynamic Fuels LLC. Separately, Solazyme fuel was used for testing on a Spruance-class destroyer on a 185-mile trip from San Diego, CA, to Oxnard, CA. It was the Navy's largest alternative fuel demonstration to date. On November 14, 2011, Quantas announced it would launch its first commercial flight powered by Solazyme sustainable fuel in early 2012. On November 7, 2011, a United Airlines jet flew from Houston to Chicago with a 40 percent blend of Solazyme's biofuel. This was the first biofuel powered commercial flight in the United States. Additionally, United Continental Holdings Inc. (UAL) agreed to buy 20 million gallons of jet fuel each year from Solazyme for delivery beginning in 2014. On October 24, 2011, Solazyme Roquette Nutritionals announced that the company will begin to produce its microalgae-derived food ingredient, Whole Algalin Flour, at Roquette's commercial production plant in Lestrem, France. It is anticipated that the 300 metric ton Phase I facility will be completed on schedule by the end of 2011 and operational in early 2012. The facility will be expanded into a 5000 metric ton Phase II facility in 2012. Lastly, in October 2011, Solazyme announced the continuation and expansion of its relationship with Unilever.
On October 31, 2011, the D-Wave quantum computer purchased by Lockheed Martin was installed at the University of Southern California's Information Sciences Institute. The D-Wave quantum computer is optimized for data analysis and pattern recognition problems. The system is also designed to handle machine-learning applications. Additionally, D-Wave's Geordie Rose was named Canadian Innovator of the year for 2011.
Finally, shareholders of Harris & Harris Group may be interested in watching a video from the Consumer Electronics Show (CES) that demonstrates the water-proofing capabilities of HzO, one of our most recent investments. In the video, a telephone, coated with HzO's water-blocking material is placed in a bowl of water and it continues operating under water.
About Harris & Harris Group
Harris & Harris Group is an early-stage, active investor in transformative nanotechnology companies.
This news release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect the Company's current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this news release. Please see the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2010, as well as subsequent filings, filed with the Securities and Exchange Commission for a more detailed discussion of the risks and uncertainties associated with the Company's business, including but not limited to the risks and uncertainties associated with venture capital investing and other significant factors that could affect the Company's actual results. Except as otherwise required by Federal securities laws, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties. The references to the websites www.HHVC.com and www.pcworld.com have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this news release. Harris & Harris Group is not responsible for the contents of third party websites.
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