Algenol, a Fort Myers, Fla.-based developer of a technology platform that turns CO2 emissions into fuels, closed a $25m investment.
BioFields, a Mexican business group, made the follow on investment, which followed a previous $40m round in 2014.
Founded in 2006, Algenol converts CO2 from industrial emitters into transportation fuels (ethanol, gasoline, jet, and diesel fuel) through a process called Direct to Ethanol. The company is working to commercialize this technology and scale production of its products. It has recently commenced initial operations of a pilot commercial module at its Florida development campus, which builds on the launch of a demonstration project in India.
The company intends to use the funds for R&D and towards commercialization of the technology.