GreenFuel Technologies Corporation, a company developing algae farm technologies for recycling carbon dioxide (CO2) emissions, has closed a $13.9 million venture capital round led by Access Private Equity, Draper Fisher Jurvetson and Polaris Venture Partners. GreenFuel intends to use the funds to prepare for algae farm technology development and scaling projects during 2008.
GreenFuel said 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.
Algae can be at least 20 times as productive as corn or soy, growing year round and harvested daily, Greenfuel said. 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 $6.3 million of debt and adds $7.6 million 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."
About GreenFuel Technologies Corporation
GreenFuel is developing high-yield algae farm technologies to profitably recycle industrial carbon dioxide and produce feed, food, and fuel ingredients. The company seeks partnerships with power plants, cement plants, corn ethanol plants, and other industrial facilities to build algae farms that can mitigate CO2 emissions. GreenFuel has had successful pilot installations of its technology at host facilities in Arizona, Kansas, Louisiana, Massachusetts, New Mexico, and New York.
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