GreenFuel Technologies Corp, a developer of algae bioreactor systems that convert CO2 in smokestack gases into biofuels, has closed a $6.8 million Series B-1 Preferred round of funding with Polaris Venture Partners, headquartered in Waltham, MA.
The new funding is a follow-on to $11 million in Series B funding secured in August 2005 from Draper Fisher Jurvetson and Access Private Equity. Polaris Venture Partners will be represented on GreenFuel’s Board of Directors by Dr. Robert M. (“Bob”) Metcalfe, a General Partner. A world-renown pioneer in information technology, Dr. Metcalfe helped build the Internet and invented Ethernet — the local-area networking (LAN) standard on which he shares four patents. Dr. Metcalfe was also founder of 3Com Corporation and Publisher/CEO of IDG’s InfoWorld Publishing Company. In March 2005, Dr. Metcalfe received the National Medal of Technology from President Bush.
“Polaris invests in early stage companies with exceptional entrepreneurs, disruptive technologies, the skills necessary to become market leaders, and a passion for success,” said Metcalfe. “GreenFuel Technologies Corporation meets all these criteria. GreenFuel’s Emissions-to-Biofuel(TM) system has tremendous potential to transform the global energy industry and the global environment by converting greenhouse gas emissions to clean, renewable biofuels. GreenFuel is an exceptional opportunity for Polaris to make its initial foray into energy technology investing.”
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