Wednesday, August 22, 2007

GreenFuel Technologies Raises $5.5 million in Bridge Financing

GreenFuel Technologies has successfully raised $5.5 million in bridge financing from primary investors Access Global Equity, Draper Fischer Jurvetson, and Polaris Ventures. The funds raised will allow GreenFuel to continue to operate and improve their portfolio of technologies until the end of 2007 when a larger financing round is expected. Current Interim CEO Bob Metcalfe has stated that within the last month GreenFuel has successfully decreased cash burn and has focused attention on deploying additional field systems in the coming months.

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