Algenol closes on internal equity financing

By Algenol | February 10, 2015

Algenol, a pioneer in turning carbon dioxide (CO2) emissions into fuels, 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 last year.

Founded in 2006, Algenol converts CO2 from industrial emitters into transportation fuels through its game-changing Direct to Ethanol process. The company is working aggressively to commercialize this unique technology and scale production of its products. Algenol has recently commenced 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 atop 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.

“Algenol is very appreciative of BioFields’ continued support,” said Paul Woods, co-founder and CEO of Algenol, “This investment provides the funding for Algenol to accelerate the process of shifting focus away from R&D and towards commercialization of the technology.”