Algenol secures $25M new funding from BioFields

Miércoles, 11 de Febrero de 2015
Algae Industry Magazine

Fort Myers, FL-based Algenol has announced that it has closed on a $25 million dollar investment from BioFields, a Mexican business group devoted to the development of renewable and clean energy projects. This new investment follows a previous investment of $40 million from BioFields in 2014.

Algenol is working aggressively to commercialize its unique Direct-to-Ethanol technology and scale production of its products. The company has recently launched initial operations of a pilot commercial module at its Florida development campus, which builds on the successful launch of a demonstration project in India.

“We are very pleased to expand our investment into Algenol,” said Alejandro Gonzalez, founder of BioFields. “This technology has the best chance of actually reducing carbon emissions while producing cheap fuel in the process.”

BioFields’ most recent investment builds onto previous commitments to Algenol that began in 2007. With this investment, more than $260 million dollars have been invested in and granted to Algenol from BioFields and Reliance Industries, a Fortune Global 500 company based in Mumbai, India, as well as the U.S. Department of Energy and Lee County, Florida.

“This investment provides the funding for Algenol to accelerate the process of shifting focus away from R&D and towards commercialization of the technology,” said Algenol Co-founder and CEO, Paul Woods.