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Greenfuel Funds $13.9M for Algae Farming
US - GreenFuel Technologies Corporation, a privately held company developing algae farm technologies for recycling CO2 emissions, has closed a $13.9M venture capital round led by Access Private Equity, Draper Fisher Jurvetson, and Polaris Venture Partners.GreenFuel intends to use these funds to prepare
for algae farm technology development and scaling projects during 2008.
GreenFuel algae farms will profitably recycle the greenhouse gas carbon dioxide found in
industrial smokestack emissions. Algae that are cultured, grown, harvested, dewatered,
dried, and extracted using GreenFuel’s methods can be a valuable ingredient in feeds,
foods, and fuels, and especially in algae biodiesel. Unlike other energy crops, 100% of
algae biomass can be converted into valuable products. Algae can be at least 20 times as
productive as corn or soy, growing year round and harvested daily. Although algae farms
need hundreds to thousands of hectares of land adjacent to their CO2 sources, they do not
need agricultural land or clean water.
Bob Metcalfe, Interim CEO of GreenFuel and General Partner of Polaris Venture
Partners, said, “This final inside extension of GreenFuel’s B round of venture capital
begins the end phase of our so-called Interim Period. This extension retires $6.3M of
debt and adds $7.6M of new capital to fuel growth for implementation of algae farming
projects, one of which, still unannounced, began in January.
“GreenFuel’s algae farming technologies are advancing in our 100m2 bioreactors, but
they are not yet fully developed or scaled. In the coming weeks, we expect to announce
signed development and scaling projects, the arrival of our scaling CEO, and the raising
of a strategic C round. These announcements will mark successful completion of our
seven-step Interim Plan, begun in June 2007. On behalf of our investors and board, I
thank our GreenTeam, led by Wayne Hopkins (VP Engineering and Project Delivery),
Holly Flesh (VP Business Operations), Cary Bullock (VP Business Development), Isaac
Berzin (Scientific Advisor), and Jon Levitt (Corporate Counsel).”
TheBioenergySite News Desk
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