Las Vegas, NV & Cambridge, MA, April 12, 2006 — GreenFuel Technologies Corp., a developer of algae bioreactor systems that convert carbon dioxide in smokestack gases into 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. Metcalfe, a general partner in Polaris’ Waltham office. 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 Corp. and publisher/CEO of IDG’s InfoWorld Publishing Co. In March 2005, Dr. Metcalfe received the National Medal of Technology from President Bush.
“Polaris invests in early stage companies with exceptional entrepreneurs, disruptive technologies, the skills necessary to become market leaders, and a passion for success,” said Metcalfe. “GreenFuel Technologies Corporation meets all these criteria. GreenFuel’s Emissions-to-Biofuel system has tremendous potential to transform the global energy industry and the global environment by converting greenhouse gas emissions to clean, renewable biofuels. GreenFuel is an exceptional opportunity for Polaris to make its initial foray into energy technology investing.”