Tuesday, April 11, 2006

GreenFuel Receives $6.8M from Polaris

GreenFuel Technologies Corporation, the leading developer of algae bioreactor systems that convert CO2 in smokestack gases into clean, renewable biofuels, announced that it has closed a $6.835 million Series B-1 Preferred round of funding with Polaris Venture Partners, headquartered in Waltham, MA. The announcement was made at the Power-Gen Renewable Energy & Fuels Conference in Las Vegas. 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 in Polaris' Waltham office. 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.

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