Alternative Energy - Monday, December 12, 2005
GreenFuel - The Exxon of The Future
We have to smirk when we see oil companies like BP spending gobs of cash to brand themselves as Earth's best friend. Today a Cambridge, MA-based company called GreenFuel got $11M in Series A funding to actually make an environmentally friendly fuel source. The company has such great Earth-cred that Alan Alda recently narrated a documentary featuring GreenFuel.
Greenfuel creates bio-fuels or bio-diesel from the emissions of power plants and industrial facilities. The company's system is being tested at MIT's 20-megawatt power plant and it has an open invitation to other power plants. Its system produces raw oil stock from smokestack gases, reducing carbon dioxide emissions by 40% and nitrogen oxide emissions by 86%.
GreenFuel's current prototype is an algae cultivation unit that connects to a stack, where it draws a continuous slipstream of flue gas. In the unit, non-toxic photosynthetic algae eat the carbon dioxide and break the nitrogen-oxygen bonds.
Dr. Isaac Berzin is Founder and CTO of GreenFuel. He has a PhD in Chemical Engineering and Biotechnology and has worked for over a dozen years in biotech engineering and bioreactor design. Dr. Berzin was on the research staff of the MIT Center for Space Research, where he helped design bioreactor systems for space research at which time he built the groundwork for GreenFuel. We suspect this dude has a big brain. His CEO is Cary Bullock who has founded energy services companies such as Excelergy, FPL Services, and Econoler/USA. DFJ invested $6M in Greenfuel.
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