US-based Algenol, a company developing technology to turn carbon-dioxide emissions into fuel, raised $25m from biofuel producer BioFields.
The investment follows a $40m investment in Algenol by BioFields. In 2011, Algenol raised $93.5m from India-based conglomerate Reliance Industries.
The company has also obtained a $25m grant from the US Department of Energy and $10m from Lee County, Florida in 2009.
Algenol’s technology converts CO2 emissions into fuels such as ethanol, gasoline, diesel and jet fuel. It will use the funding for further research and development as it moves towards commercialisation.