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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.

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