Algenol acquires Cyano

The parent company of algae-to-ethanol company Algenol Biofuels Inc. has acquired Berlin, Germany-based Cyano Biofuels.

Algenol LLC's acquisition increases Algenol's R&D capacity and strengthens its valuable access to European expertise in biotechnology and algal research.

Algenol LLC previously held an indirect, minority position in Cyano Biofuels, and Algenol has worked closely with the German company for the past three years.

Speaking about the acquisition Paul Woods, the co-founder and CEO of Algenol says: 'Combining our companies will accelerate our ability to fully develop Algenol's Direct To Ethanol technology and move us more rapidly toward commercialisation. We plan to continue Cyano Biofuels' collaborations with German universities and believe these collaborations will add significant new technology and new capabilities to our company,' he continues.

'With Algenol's new laboratories in Lee County, Florida and plans to build a pilot-scale biorefinery in 2011, we eagerly look forward to making the transition from a development-stage company to a commercial company in the near future,' comments Dan Kramer, CEO and co-founder of Cyano Biofuels.