Petroalgae expects to raise $200 million through IPO
PetroAlgae Inc a renewable energy company that licenses and deploys the leading biomass production platform to address existing and growing unmet needs in the global energy and agriculture markets has announced for Filing of S-1 Registration Statement for Public Offering and expects to raise up to $200 million in an IPO.
PetroAlgae explains its technology in its S-1 as the development of light and environmental management systems that enable algae to grow at four times its natural growth rates. PetroAlgae says its “secret sauce” is in its software, which can manage algae harvesting density and sunlight exposure, as well as its remote sensing system that can measure the algae crop density. The company says that while its hardware is largely off the shelf, its innovation is in its proprietary software and sensing management system.
The company’s major achievement to date is the building of a 2-hectare demonstration facility in Florida. Algae fuel competitors like Solazyme and Synthetic Genomics are also producing algae on similar scales.
See more from Petroalgae’s website – http://www.petroalgae.com/docs/press/PetroAlgae%20Announces%20Filing%20of%20S-1.pdf
