Metabolon gets $6M in funding

DURHAM -- Metabolon Inc., a biotechnology company in Durham developing biomarkers aiding in treatments for diabetes and prostate cancer, has closed an additional $6 million in its Series C funding.

Syngenta Ventures, the corporate venture capital subsidiary of Swiss agribusiness company Syngenta, and Fletcher Spaght Ventures of Boston were new investors joining Sevin Rosen Funds, Aurora Funds, Harris and Harris Group, Fulcrum Financial Partners and Alexandria Equities.

As a part of the financing, Carol Marino, vice president of Syngenta Ventures, and Guy Fish, vice president of Fletcher Spaght, will join Metabolon's board of directors. Syngenta, which has facilities in Durham's Research Triangle Park, also expanded a previously announced research collaboration with Metabolon.

The company previously announced it closed on $5.3 million of an anticipated $11 million Series C round in May.

Government, RTI sign $3.1M deal

DURHAM -- RTI International has been awarded a $3.1 million contract from the U.S. Department of Energy to develop a biomass "oil" as an alternative energy source.

RTI said in an announcement that it will develop a one-step catalytic biomass pyrolysis process to produce a bio-crude intermediate that can be used as a direct replacement for petroleum.

"This project will help address our nation's energy challenges by developing a one-step process to convert biomass materials into usable fuels," said David Dayton, director of Biofuels Research at RTI. "Innovative programs such as ARPA-E provide vital funding for translational science needed to commercialize new energy technologies."

RTI's project is one of 37 that received funding to study alternative energy sources.

Energy firms to receive $200M

WASHINGTON -- Raleigh-based Progress Energy and Charlotte-based Duke Energy will receive $200 million each.

The funding is part of a $3 billion investment nationwide in smart energy grids and was available through the American Recovery and Reinvestment Act.

Progress Energy is contributing an additional $320 million to complete the project, and will install more than 160,000 smart meters across its service area. Duke Energy will use its grant to invest in comprehensive energy grid modernization, and will be implementing it in the Midwest.

The company will also receive $4 million to install units to monitor energy consumption in substations in the Carolinas and upgrade communications infrastructure and technology.

-- From staff reports