GreenFuel Secures $2.38 Million in Bridge Financing; Company Hits Targets Ahead of Schedule; Earns Confidence of Investment Community

Jul 11 - Business Wire

GreenFuel Technologies Corporation, a privately held company providing emissions-to-biofuel conversion services to power plants and industrial facilities, announced today that it has secured $2.38 million in bridge funding from a syndicate of investors. The financing will be used to help the company continue on its aggressive development path as it secures a Series B round of investment capital.

"If GreenFuel's technology can be economically deployed at utility-sized power plants on a large scale, it will be one of the more important innovations in both energy supply and air pollution reduction in recent years," commented Jim Levitt, investor and conservation and land use expert. Levitt is also editor of Conservation in the Internet Age: Threats and Opportunities and From Walden to Wall Street: Frontiers of Conservation Finance. "The market demand around the world for greenhouse gas emissions management is very likely to intensify, which bodes very well for GreenFuel if it can deliver on its technology promise."

GreenFuel was able to interest both current and new investors in participating in this bridge financing due to the significant progress it has made in developing its proprietary biotechnology.

"We are thrilled with the support GreenFuel has received from respected industry investors and experts," noted GreenFuel President and CEO Cary Bullock. "As we move toward the next stage of development, this new bridge funding will allow us to stay narrowly focused on building the best possible clean air biofuels(TM) solutions for our customers, while exceeding the expectations of our investors."

About GreenFuel Technologies Corporation

GreenFuel's mission is to utilize its suite of proprietary advanced biotechnologies to profitably transform exhaust gases from power plants and industrial sites into renewable biofuels, worldwide. The company's patent-pending system is linearly scalable, produces no harmful byproducts, and is compatible with untreated water supplies. GreenFuel is presently negotiating facility installations domestically, as well as internationally. Funded in part by lead investor Access Industries, a global private equity investment group, GreenFuel is headquartered in Cambridge, MA. For more information, visit www.greenfuelonline.com .