GreenFuel, an algal biofuel maker based in Cambridge, MA, has agreed to a deal for up to $92 million in financing for construction of a plant in Europe, according to Xconomy.
The company has been around longer than some of its peers, which has given it time to run into some problems particular to using algae for biofuel. It last year shut down a production greenhouse in Arizona due to an imbalance in the algae’s output and ended up laying off half its workforce.
There’s no word yet on the the size of the European plant or how much of the potential funding is guaranteed, but the amount would indicate that the plant is intended to produce anywhere from several to a few tens of millions of gallons of fuel yearly.
The source of the funding has also not yet been reported.