Algenol
February 10, 2015
BY Algenol
Algenol, a pioneer in turning carbon dioxide (CO2) emissions into fuels, has announced that it has closed on a $25 million dollar investment from BioFields, a Mexican business group devoted to the development of renewable and clean energy projects. This new investment follows a previous investment of $40 million from BioFields last year.
Founded in 2006, Algenol converts CO2 from industrial emitters into transportation fuels through its game-changing Direct to Ethanol process. The company is working aggressively to commercialize this unique technology and scale production of its products. Algenol has recently commenced initial operations of a pilot commercial module at its Florida development campus, which builds on the successful launch of a demonstration project in India.
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“We are very pleased to expand our investment into Algenol,” said Alejandro Gonzalez, founder of BioFields. “This technology has the best chance of actually reducing carbon emissions while producing cheap fuel in the process.”
BioFields’ most recent investment builds atop previous commitments to Algenol that began in 2007. With this investment, more than $260 million dollars have been invested in and granted to Algenol from BioFields and Reliance Industries, a Fortune Global 500 company based in Mumbai, India, as well as the U.S. Department of Energy and Lee County, Florida.
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“Algenol is very appreciative of BioFields’ continued support,” said Paul Woods, co-founder and CEO of Algenol, “This investment provides the funding for Algenol to accelerate the process of shifting focus away from R&D and towards commercialization of the technology.”
Aemetis Inc. released fourth quarter and full year 2024 financial results on March 13, reporting increased revenues for its U.S. ethanol and biogas operations as well as its biodiesel operations in India.
JetBlue along with its fuel partners marked the first-ever regular supply of sustainable aviation fuel (SAF) for commercial air travel in the region at New York’s John F. Kennedy International Airport (JFK).
The U.S. EIA maintained its outlook for 2025 and 2026 biodiesel production in its latest Short-Term Energy Outlook, released March 11. Production forecasts for renewable diesel and sustainable aviation fuel (SAF) were also maintained.
SK Energy on March 10 announced that it had signed a contract with Cathay to supply no less than 20,000 tons of sustainable aviation fuel (SAF) until 2027. SK Energy has been supplying ISCC certified SAF to Cathey since November 2024.
The Clean Fuels Alliance Foundation has awarded Courtney Videchak the 2025 Beth Calabotta Sustainable Education Grant. Videchak is a Mechanical Engineering PhD candidate at the University of Michigan with experience working on diesel engines.