Xconomy reported earlier this week that algae feedstock developer, GreenFuel Technologies has secured a $5.5 million dollar bridge loan to carry the company through the end of the year and their next round of financing. Interestingly, the post also quotes the CEO, Robert Metcalfe as saying that they have done some successful testing of their system in AZ.
Metcalfe explains: “We scaled back and so were able to harvest quickly enough to keep up with growth so that the algae didn’t self shade and die.” Meanwhile, the company has already started testing its fourth-generation system.
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