A company developing algae farm technologies for recycling CO2 emissions, has closed a $13.9M venture capital round led by Access Private Equity, Draper Fisher Jurvetson, and Polaris Venture Partners. The company, GreenFuel Technologies Corporation, intends to use these funds to prepare for technology development and scaling projects during 2008.

Bob Metcalfe, Interim CEO of GreenFuel and General Partner of Polaris Venture Partners, said, "This final inside extension of GreenFuel’s B round of venture capital begins the end phase of our so-called Interim Period. This extension retires $6.3M of debt and adds $7.6M of new capital to fuel growth for implementation of algae farming projects, one of which, still unannounced, began in January.

"GreenFuel’s algae farming technologies are advancing in our 100m2 bioreactors, but they are not yet fully developed or scaled. In the coming weeks, we expect to announce signed development and scaling projects, the arrival of our scaling CEO, and the raising of a strategic C round. These announcements will mark successful completion of our seven-step Interim Plan, begun in June 2007."