Symbios Technologies, a Fort Collins company, will receive $150,000 in federal funding to develop technology that enables cost-competitive production of sugars used in biofuels.

Symbios was one of six businesses statewide to receive a federal Small Business Innovation Research grant, U.S. Sen. Michael Bennet said Wednesday. The program authorizes $11 million in innovation grants for nearly 70 small businesses nationwide.

Businesses like Symbios will be eligible to compete for awards of as much as $1 million during the second phase of the program.

"These grants speak to the cutting-edge, innovative work being done here in Colorado." Bennet said in a statement. "Our state has been on the leading edge of clean-energy sector job creation, entrepreneurship and innovation, areas that SBIR resources are targeted to support."

The grant awarded to Symbios will help the nation meet federal mandates and goals for alternative fuels production, according to Bennet's office.