Florida-based PetroAlgae, LLC, a company that makes biofuel feedstocks and other products from algae, announced it was acquired in August by PetroTech Holdings Corp., a Delaware corporation that is a joint venture of a group of accredited investors managed by New York based Valens Capital Management and certain of its affiliate managers.
PetroAlgae said the acquisition has provided the funding necessary to bring its renewable energy technology to full commercial scale.
Financial terms of the acquisition were not disclosed.
PetroAlgae CEO Ottmar Dippold said, "PetroTech will significantly accelerate PetroAlgae’s advance to commercialization," Dippold said, adding "We are now poised to take the final strides toward deploying a technology that will have a huge impact on the marketplace."
Valens and its affiliate managers have over $1.7 billion under management and the funds they manage cater to the unique financial needs of companies in cutting-edge industries, according to a release.
About PetroAlgae
PetroAlgae is commercializing new technologies to grow and harvest oil from algae. This process creates a sustainable, renewable, cost-effective substitute for petroleum oil and a reliable, environmentally friendly feedstock source for biodiesel and many other products. The Melbourne, Florida-based firm offers a path to sustainable, renewable and carbon-neutral energy independence with processes that are good for the environment.
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