GreenFuel Technologies signs deal to build algae fuel plant

As we've seen already, algae is big business these days, and it now looks like the alternative source of fuel is getting another shot in the arm, with GreenFuel Technologies recently announcing a deal to build an "algae-to-fuel" plant in Europe. The company, as you may or may not know, is now headed (at least temporarily) by Ethernet pioneer Bob Metcalf, with its main claim to fame being a bioreactor that's designed to grow algae from the carbon dioxide emissions of power plants. While complete details are still pretty light at the moment, that bit of technology was apparently enough to score it a $92 million deal with somebody (actually negotiated by the former CEO), which is reportedly contingent on it first building a small scale pilot plant and meeting cost and productivity goals along the way. As Xconomy reports, however, this latest development follows some hard times faced by the company, during which time it actually had to shut down one of its algae greenhouses after it produced more algae than the system could handle.

[Via Green Tech Blog]