Bioenergy

PetroAlgae Raises US $10M in Stock Offering

PetroAlgae Inc., a developer of systems to derive biodiesel fuels from algae, announced that it has closed on a US $10 million capital raise through the sale of approximately 3.2 million of newly-issued shares of common stock to two existing investors.

The company said that the proceeds from the stock sale will be used to help finance the commercial launch launch of PetroAlgae’s  biodiesel product derived from algae.

“As a result, 2009 could represent the breakthrough year not only for PetroAlgae but for the entire biodiesel and alternative energy markets. We are pleased to be able to position PetroAlgae at the forefront of these emerging markets and look forward to providing our shareholders, employees and customers with our detailed commercialization strategy in the weeks ahead,” said Dr. John Scott, chairman of the board of PetroAlgae.