GreenFuel to take up to $92M for European algae plant
GreenFuel, an algal biofuel maker based in Cambridge, MA, has agreed to a deal for up to $92 million in financing for construction of a plant in Europe, according to Xconomy.
The company has been around longer than some of its peers, which has given it time to run into some problems particular to using algae for biofuel. It last year shut down a production greenhouse in Arizona due to an imbalance in the algae’s output and ended up laying off half its workforce.
There’s no word yet on the the size of the European plant or how much of the potential funding is guaranteed, but the amount would indicate that the plant is intended to produce anywhere from several to a few tens of millions of gallons of fuel yearly.
The source of the funding has also not yet been reported.
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About the Author, Chris Morrison
Chris Morrison writes about cleantech and environmental issues for VentureBeat, with occasional forays into gaming and semantic technology. He got his start writing about tech for Business 2.0 magazine, but quickly realized new media was the ticket when that institution closed its doors in 2007. Chris has also covered public equities and regulatory issues. He originally hails from southern Virginia, graduated from Evergreen State College in Washington, and now lives in San Francisco.