Web exclusive posted Sept. 29, 2008 at 4:04 p.m. CST
Melbourne, Fla.-based PetroAlgae LLC, an algae-to-biodiesel developer, announced it has been acquired by Delaware-based PetroTech Holdings Corp., a private investor group. Financial amounts were not disclosed, however, PetroAlgae said the acquisition will allow the company to bring its algae technology to commercial-scale.
"We are now poised to take the final strides toward deploying a technology that will have a huge impact on the marketplace," said PetroAlgae Chief Executive Officer Ottmar Dippold.
At press time, the company could not be reached to provide an estimated commercialization date.
PetroAlgae is engaged in the production of modular algae cultivation bioreactor systems that it claims can be built and operated on a commercial-scale. The company is using algae strains that have been developed and licensed by researchers at Arizona State University.
PetroTech Holdings is managed by Valens Capital Management, a New York-based investment firm with over $1.7 billion in manageable funds. The firm caters to "cutting-edge" industrial companies.
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