A private company called Solix Biofuels, Inc. has announced that they have raised $15 million and they’re planning to build an algae biofuel plant in an Indian reservation in Colorado.

“We will get fuel from the algae.” says Doug Henston, Solix’s CEO. “We will feed algae strains with CO2 from a natural gas plant to maximize the output.”

The investors are Southern Ute Alternative Energy LLC, and Valero Energy Corp.