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Inventure Chemical Closes First Round of Funding to Expand Algae to Biofuel Operations
July 26, 2007 (Seattle, WA) - Inventure Chemical, the leading provider of processes for converting algae to biofuel, recently closed its first round of funding. The capital will be used to expand the company's test production site and to further develop its algae to jet fuel processes.
"We're very excited to have secured the capital we need to take our operations to the next level," said Mark Tegen, Inventure's chief executive officer and co-founder. "Our algae to biofuel processes have been validated, and have garnered a good deal of excitement in sustainable energy circles. Not only is algae feedstock much more cost-effective than other biofuel feedstocks; with our patent pending process, it also yields extremely high yield biodiesel and ethanol. With significant funding secured we'll continue our work to apply our processes to large-scale production, including CO2 sequestering projects. Resources will also be devoted to recent advances in processes for algae to jet fuel production."