BARD raises $40M for Philadelphia biodiesel plant

Biodiesel Advanced Research and Development has raised $40 million toward construction of an algal biodiesel plant in Philadelphia, Penn., according to Clean Technology Insight.

The company needs about double that amount of money to complete construction of the 60 million gallon per year facility.

BARD has chosen a closed bioreactor system over the alternate open pond system. Closed reactors typically cost more but have a higher output by area (while neither design has proven cost-effective yet). The company will pump in captured CO2 from a nearby power station to feed the microorganisms.

The source of the funding was not disclosed.

Next Story: CES preview: what to expect at the big, not-so-gloomy tech trade show
Previous Story: MyMedicalRecords defies IPO freeze with Favrille merger