Sapphire Energy In Commercial Supply Deal With Tesoro

San Diego-based algae-based, biofuels producer Sapphire Energy has inked a commercial agreement with oil producer Tesoro, the company said Wednesday. According to Sapphire Energy, Tesoro will purchase crude oil from its "Green Crude Farm" in Columbus, New Mexico. The firm said the move is the first part of a commercial relationship to process green crude oil from Sapphire's future, commercial facilities. Financial details of the win were not disclosed. Sapphire Energy has raised over $300M in funding to develop its biofuels technology, which centers on extracting oil from algae.