PetroTech acquires PetroAlgae
Algae-to-biodiesel developer PetroAlgae LLC has been acquired by PetroTech Holdings Corp., a Delaware-based investor group. The privately held group is managed by Valens Capital Management, an investment firm with more than $1.7 billion in manageable funds. Financial details of the transaction weren't released. However, PetroAlgae said the deal will allow it to commercialize its algae technology. The company has been working to produce modular algae cultivation bioreactor systems, using algae strains developed and licensed by researchers at Arizona State University.