Algenol Acquires Cyano Biofuels
March 2, 2011
lgenol Biofuels Inc. has announced that its parent company, Algenol LLC, recently acquired Cyano Biofuels GmbH, located in Berlin, Germany. Cyano brings extensive experience in producing hybrid algae to make ethanol and green chemicals, and increases Algenol’s research and development capacity while strengthening its access to European expertise in biotechnology and algal research.
Algenol LLC previously held an indirect, minority position in Cyano Biofuels, and has worked closely with the German company for the past three years. Cyano Biofuels was founded in 2007 and is located in the Adlershof technology park in Berlin. Cyano Biofuels has strong ties to leading German universities and is a spin-off from Humboldt-University.
“Combining our companies will accelerate our ability to fully develop Algenol’s DIRECT TO ETHANOL® technology and move us more rapidly toward commercialization,” said Paul Woods, Algenol’s co-founder and CEO. “The Berlin area is well known for its world-class research on microalgae and is a perfect place to hire talented scientists and technicians. We plan to continue Cyano Biofuels’ collaborations with German universities and believe these collaborations will add significant new technology and new capabilities to our Company.”
“Algenol is the perfect partner for us,” said Dan Kramer, CEO and co-founder of Cyano Biofuels GmbH. “We have extensive experience working together and are certain that Cyano Biofuels will thrive in combination with Algenol. With Algenol’s state-of-the-art new laboratories in Lee County, Florida, and plans to build a pilot-scale biorefinery in 2011, we eagerly look forward to making the transition from a development stage company to a commercial company in the near future.”
For more information on Algenol, see the Paul Woods interview in the current issue of A.I.M.