Seattle BioFuels, Inc. announced it closed a $7.5 million Preferred Series A investment from leading venture investors including Nth Power, Technology Partners and Vulcan Capital.
The financing will be used for national expansion, with plans to accelerate commercialization of innovative process technology, open a new biodiesel refinery and oil seed-crushing oil facility in the second half of 2006. Seattle BioFuels is a national leader in next generation biodiesel production technology delivering significant economic and quality improvements to the process. Seattle BioFuels has developed a proprietary Pulse Reactor, Active Methanol Recovery System, and an Adsorbent Enhanced Polishing Process along with other improvements to the Biodiesel production process. The company built its first commercial scale refinery operating as Seattle Biodiesel providing 5 million gallons per year capacity to the Northwest market.
“Demand is so high that we still have not been able to meet it with our current facility,” said Martin Tobias, CEO and Chairman of Seattle BioFuels. “We obviously want to be a national company,” he said, “and we think we have a better, faster, cheaper way to make biodiesel that we can replicate all over the country and internationally.”
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