BARD raises $40M for Philadelphia biodiesel plant
Biodiesel Advanced Research and Development has raised $40 million toward construction of an algal biodiesel plant in Philadelphia, Penn., according to Clean Technology Insight.
The company needs about double that amount of money to complete construction of the 60 million gallon per year facility.
BARD has chosen a closed bioreactor system over the alternate open pond system. Closed reactors typically cost more but have a higher output by area (while neither design has proven cost-effective yet). The company will pump in captured CO2 from a nearby power station to feed the microorganisms.
The source of the funding was not disclosed.
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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.