Mexican firm invests $25M in Fla. algae company 

Source: Amanda Peterka, E&E reporter • Posted: Wednesday, February 11, 2015

Florida-based algae company Algenol Inc. today announced that it has secured an investment of $25 million from BioFields, a Mexican industrial group focused on renewable energy.

The new investment from BioFields comes on top of an initial $40 million it provided to Algenol last year. The Mexican business group, which was formed in 2006, also licenses the algae company’s technology for use in Mexico.

Algenol produces ethanol directly from cyanobacteria in a process that involves pumping industrial carbon dioxide emissions into hanging bags containing the blue-green algae. The technology is also capable of producing the other three major fuel products: gasoline, diesel and jet fuel.

“We are very pleased to expand our investment into Algenol,” Alejandro González, founder of BioFields, said in a statement. “This technology has the best chance of actually reducing carbon emissions while producing cheap fuel in the process.”

Algenol today said that it has received more than $260 million in private and public funding for its technology. Along with BioFields, India-based Reliance Industries Ltd. has invested in the company. The Department of Energy and Lee County, Fla., where Algenol’s demonstration plant is located, have also provided funding.

Last month, Algenol received approval from U.S. EPA for its ethanol derived from algae to count for credit in the federal renewable fuel standard, meaning refiners can now use it to meet their annual RFS mandates (Greenwire, Jan. 13).