GreenFuel Technologies Closing Down
Greentech Media: GreenFuel Technologies Closing Down
GreenFuel Technologies, one of the earliest, best funded and most publicized algae companies, is shutting its doors, a victim of the credit crunch.
"We are closing doors. We are a victim of the economy," said Duncan McIntyre at Polaris Venture Partners, which invested in Greenfuel.
Although it has raised millions of dollars and landed a high-profile deal with Auranta in Spain to erect test facilities, it could not get money to complete the project. In January, it laid off 19 people, or half of the staff.
The Harvard-MIT algae company winds down after spending millions and experiencing delays, technical difficulties.
GreenFuel Technologies, one of the earliest, best funded and most publicized algae companies, is shutting its doors, a victim of the credit crunch."We are closing doors. We are a victim of the economy," said Duncan McIntyre at Polaris Venture Partners, which invested in Greenfuel.
Although it has raised millions of dollars and landed a high-profile deal with Auranta in Spain to erect test facilities, it could not get money to complete the project. In January, it laid off 19 people, or half of the staff.
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