PetroAlgae Raises $10M

PetroAlgae Inc. (OTCBB: DVGL), a developer of systems to derive biodiesel fuels from algae, announced that it has closed on a $10 million capital raise through the sale of approximately 3.2 million of newly-issued shares of common stock to two existing investors.

"The proceeds from this offering are expected to help finance the launch of PetroAlgae’s most significant milestone to-date, the commercialization of its first biodiesel product derived from algae," said Dr. John Scott, Chairman of the Board of PetroAlgae Inc.

Melbourne, Florida-based PetroAlgae was acquired in August 2008 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.