What’s green, a bit slimy and worth $13.9 million? Nope, it’s not Oscar the Grouch with a winning lottery ticket, it is in fact algae: the pond muck that Greenfuel Technologies is aiming to use as a carbon sink.
Greenfuel’s plan for the green stuff is to create algae farms that will suck up carbon dioxide, and then dry and process the resulting algae to make an “ingredient in feeds, foods, and fuels, and especially in algae biodiesel”.
The VCs are clearly impressed with all this algae malarkey and have decided to invest $13.9 million, in a funding round led by Access Private Equity, Draper Fisher Jurvetson, and Polaris Venture Partners.
Greenfuel said it will use the funds to prepare and develop the farms.
Here’s what Bob Metcalfe, Interim CEO of GreenFuel and General Partner of Polaris Venture Partners, said:
GreenFuel’s algae farming technologies are advancing in our 100m2 bioreactors, but they are not yet fully developed or scaled. In the coming weeks, we expect to announce signed development and scaling projects, the arrival of our scaling CEO, and the raising of a strategic C round.