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.

GreenFuel Releases New Video

Join GreenFuel Technologies CEO, Cary Bullock, as he illustrates the proprietary Emissions-to-Biofuels™ process that recycles carbon dioxide emissions into clean renewable biofuels. Taking you from the lab and into the field, the new video showcases the technology behind GreenFuel.

Watch the Emissions-to-Biofuels™ Video

Be sure to watch all the segments of the production by using the playlist found to the right of the media player. The segments are as follows:

* GreenFuel Introduction
* GreenFuel Growing Algae
* GreenFuel Lab Testing

GreenFuel Appoints Guillermo Espiga Chief Financial Officer

GreenFuel Technologies Corporation, a leading developer of algae bioreactor systems that recycle carbon dioxide emissions into clean renewable biofuels, has announced the appointment of Guillermo Espiga as Chief Financial Officer. GreenFuel’s Emissions-to-Biofuels™ process uses safe, naturally occurring algae to recycle flue gas CO2 emissions into clean renewable biofuels and other high-value products.
Espiga will be responsible for all finance, accounting and strategic financial planning activities of the company. Espiga comes to GreenFuel with extensive experience in financing infrastructure projects at such companies as Credit Suisse First Boston and InterGen. He has led the financing of more than $2 billion in non-recourse financing, and more than $200 MM of M&A activity in the fields of power generation, oil & gas, and other energy and infrastructure related projects in the US, Latin America, Europe and Asia Pacific. Espiga received his Bachelors degree in Civil Engineering from Universidad Metropolitana in Venezuela, and his MBA from Boston College.
"As GreenFuel gets closer to deploying its first commercial scale facility, the process of bringing technology, marketing and financial partners onboard becomes mission critical," said GreenFuel CEO, Cary Bullock. "Guillermo Espiga’s extensive experience in large project strategic planning and financing will be a key asset for GreenFuel as we prepare to enter the full commercial phase of our business plan."
"GreenFuel’s algae technology has tremendous commercial potential in the booming alternatives fuel industry," said Espiga. It is a privilege to work with GreenFuels’s talented team of professionals to create a business that has so many benefits for energy security and a healthier environment."

A Viable Option for Biofuel Feedstock

A new white paper has been released today titled "GreenFuel Technologies Corporation's Emissions-to-Biofuels (TM) Algae Technology: A Viable Option for Biofuel Feedstock". Written by Dr. Mark Allen Bernstein, a well known name in the energy industry from his tenure at RAND corporation and as Senior Policy Advisor at the White House Office of Science and Technology, the paper compares GreenFuel's proprietary algae system to other available biofuel solutions in the market.

To read the full white paper for more background about the author, climate change and the impact on energy prices, and the figures regarding GreenFuel Technologies system being a viable option for biofuel click here

GreenFuel Named as Finalist for Ernst & Young Entrepreneur of the Year Award New England

BOSTON--(BUSINESS WIRE)--Ernst & Young LLP today announced the Finalists for the Ernst & Young Entrepreneur Of The Year® 2007 Award in New England. This year’s 45 finalists were selected from 83 high quality nominations drawn from a variety of industry sectors and cities across the New England Area. Award winners will be announced at a gala event on Thursday, June 14th at the Westin Waterfront in Boston.

“These Finalists exemplify the outstanding business talent present in our community,” said Bryan Pearce, Ernst & Young Strategic Growth Markets Leader for the Northeast and Host of the New England Entrepreneur of the Year Program. “We are proud to honor them as leaders of high-growth companies who stimulate our economy, drive innovation and enhance the standard of living for all of us.”

For a complete listing of all the finalists please see the official press release

GreenFuel Bioreactors at Work: Current and Past Field Deployments

GreenFuel's emissions-to-biofuels (TM) algae bioreactor system, which converts flue gas emissions into rich clean biofuels, has been successfully deployed at numerous locations. Here is a quick look at the current and past facilities:

• Redhawk Power Plant (Arizona Public Services Co.) a 1,040 MW facility. This project won GreenFuel and APS the Platts Emissions Energy Project of the Year Award.
• Big Cajun 2 Power Plant (NRG Energy Inc) a 1,700 MW coal facility
• Dunkirk Power Plant (NRG Energy Inc and New York State Research and Energy Development Authority) a 600 MW coal facility
• MIT Cogen Power Plant (MIT) beta test unit

GreenFuel continues to grow and the company is currently developing multiple new installations throughout the US and the world. To find more information about each of these deployments, as well as more information about the GreenFuel's emissions-to-biofuels (TM) process visit the company's website at http://www.greenfuelonline.com .

GreenFuel Launches New Site at NRG Energy's Big Cajun II Power Plant

Today it was announced by NRG Energy that GreenFuel Technologies began field testing of their algae bioreactor system that recycles carbon dioxide emissions from the coal burning Big Cajun II Power Plant (Louisiana) into rich biofuels.

" 'Coal is—and will remain—the premier domestic fuel source for power generation purposes in the United States for the foreseeable future,' said David Crane, NRG President and Chief Executive Officer. 'This means it is incumbent on us not only to build new coal plants using technology which limits or eliminates greenhouse gas emissions but also to find the best way to retrofit the country’s existing fleet of coal plants for post-combustion carbon capture.'

In the initial field testing, which will last approximately four months, algae species will be selected to optimize biofuel production based on the site’s flue gas composition, local climate and geography toward an ultimate goal of construction of a commercial-scale facility.

A full scale commercial deployment could recycle enough CO2 to yield as much as 8,000 gallons of biodiesel per acre annually under optimum conditions.

'We at NRG and Big Cajun are very proud of our environmental record and want to do more to support responsible baseload electricity generation,' said Jeff Baudier, President of NRG’s South Central Region. 'There is currently no commercial-scale technology to address the discharge of carbon post combustion. Through this test, we hope to help advance GreenFuel’s technology that could potentially reduce carbon emissions from the hundreds of existing coal plants that are so important to our electrical infrastructure.'

'With the help of forward thinking and environmentally responsible companies like NRG, we can use algae to recycle power plant CO2 emissions safely and economically into a continuous supply of clean, renewable fuels,' said GreenFuel Technologies CEO, Cary Bullock. "

Source: NRG Energy Inc.

GreenFuel Named to 6th Annual Fast 50 by Fast Company Magazine

GreenFuel Technologies, with its patented Emissions-to-Biofuel™ algae bioreactor system, has been named to the Fast Company's 6th annual Fast 50 list. GreenFuel was selected due to the company's ability to turn flue gas emissions from coal burning power plants into biofuel such as biodiesel.

You can find the GreenFuel Fast 50 snippet, and the other honorable winners, by following the link below: http://www.fastcompany.com/magazine/113/open_22-greenfueltechnologies.html