Algae company – GreenFuel Technologies is Shutting Down
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The financial situation at GreenFuel Technologies had been degrading since last year, despite the fact that the company had landed a $92 million deal to sell algae-growing greenhouses to a cement maker in Spain.
In January 2009, the company laid off about half its staff, bringing the number of employees to 19. At the time, employees complained that the operation and finances were mismanaged.
Investor Duncan McIntyre of Polaris Venture Partners confirmed GreenFuel Technologies’ demise, saying that the company is a “victim of the economy.”
McIntyre said investors, who have raised more than $70 million for GreenFuel Technologies since 2001, are exploring ways to sell the company’s intellectual property and assets.
Related blogs:
GreenFuel Cuts Staff, Outsources Aurantia Cement Factory Project
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May 19th, 2009 at 9:30 am
Duncan McIntyre of Polaris Venture Partners confirmed GreenFuel Technologies' demise, saying that the company is a "victim of the economy." and Santa Claus is real. With 11 Execs and a Board that never focused on growing algae but on building business operations that spent $70 million in 8 years, mostly on agressive PR not in the trenches. The kid that gave me a tour showed all the expenses but no results.