PetroAlgae raises funds

PetroAlgae, a US-based developer of systems to produce biofuel from algae, announced that it has closed on a $10 million (€7.4 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 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,’ John Scott, chairman of the board of PetroAlgae, comments.