FORT MYERS, Fla.--(BUSINESS WIRE)--Algenol, a pioneer in turning CO2 emissions into fuels, announced today that it has closed on a $25 million 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.
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 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 Algenol Co-founder and CEO, Paul Woods, “This investment provides the funding for Algenol to accelerate the process of shifting focus away from R&D and towards commercialization of the technology.”
About Algenol: Algenol’s patented technology enables the production of the four most important fuels (ethanol, gasoline, jet, and diesel fuel) for around $1.30 per gallon each using proprietary algae, sunlight, carbon dioxide and saltwater at production levels of 8,000 total gallons of liquid fuel per acre per year. Algenol's technology produces high yields and relies on Algenol’s patented photobioreactors and proprietary downstream techniques for low-cost fuel production. These novel, low-cost techniques have the added benefit of consuming and monetizing carbon dioxide from industrial sources, not using farmland or food crops and being able to provide freshwater. Algenol has been awarded the PLATTS Global Energy Award for Leadership in the Biofuels Industry and was named the #1 American and #3 Global “Hottest” Company in Bioenergy by Biofuels Digest for 2014-2015.