Florida, United States [RenewableEnergyWorld.com] PetroAlgae LLC has announced that it was acquired in the middle of August by PetroTech Holdings Corp., a Delaware corporation that is a joint venture of a group of accredited investors managed by New York based Valens Capital Management.
This acquisition has provided the funding necessary to bring PetroAlgae’s biofuel production technology to full commercial scale, the company said. Financial terms were not disclosed. Valens and its affiliate managers have more than US $1.7 billion under management and the funds they manage cater to the unique financial needs of companies in cutting-edge and emerging industries like renewable energy and fuels.
“PetroTech will significantly accelerate PetroAlgae’s advance to commercialization. We are now poised to take the final strides toward deploying a technology that will have a huge impact on the marketplace,” said Ottmar Dippold, PetroAlgae’s CEO.