Algenol Closes On Internal Equity Financing
Tuesday, February 10, 2015
Major Existing Investor Expands Commitment to CompanyÂ Funding Accelerates Commercialization of Game-Changing Technology
Fort Myers, FL, February 10, 2015 â€“ Algenol, a pioneer in turning CO2 emissions into fuels, announcedÂ today that it has closed on a $25 million dollar investment from BioFields, a MexicanÂ business group devoted to the development of renewable and clean energy projects. ThisÂ new investment follows a previous investment of $40 million from BioFields in 2014.
Founded in 2006, Algenol converts CO2 from industrial emitters into transportation fuelsÂ through its game-changing DIRECT TO ETHANOL process. The Company is workingÂ aggressively to commercialize this unique technology and scale production of itsÂ products. Algenol has recently commenced initial operations of a pilot commercialÂ module at its Florida development campus, which builds on the successful launch of aÂ demonstration project in India.
â€śWe are very pleased to expand our investment into Algenol,â€ť said Alejandro Gonzalez,Â founder of BioFields. â€śThis technology has the best chance of actually reducing carbonÂ emissions while producing cheap fuel in the process.â€ť
BioFieldsâ€™ most recent investment builds atop previous commitments to Algenol thatÂ began in 2007. With this investment, more than $260 million dollars have been investedÂ in and granted to Algenol from BioFields and Reliance Industries, a Fortune Global 500Â company based in Mumbai, India, as well as the U.S. Department of Energy and LeeÂ County, Florida.
â€śAlgenol is very appreciative of BioFieldsâ€™ continued support,â€ť said Algenol Co-founderÂ and CEO, Paul Woods, â€śThis investment provides the funding for Algenol to accelerateÂ the process of shifting focus away from R&D and towards commercialization of theÂ technology.â€ť
About Algenol: Algenolâ€™s patented technology enables the production of the four mostÂ important fuels (ethanol, gasoline, jet, and diesel fuel) for around $1.30 per gallon eachÂ using proprietary algae, sunlight, carbon dioxide and saltwater at production levels ofÂ 8,000 total gallons of liquid fuel per acre per year. Algenol’s technology produces highÂ yields and relies on Algenolâ€™s patented photobioreactors and proprietary downstreamÂ techniques for low-cost fuel production. These novel, low-cost techniques have the addedÂ benefit of consuming and monetizing carbon dioxide from industrial sources, not usingÂ farmland or food crops and being able to provide freshwater. Algenol has been awardedÂ the PLATTS Global Energy Award for Leadership in the Biofuels Industry and wasÂ named the #1 American and #3 Global â€śHottestâ€ť Company in Bioenergy by BiofuelsÂ Digest for 2014-2015.