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.