Algae-to-Biofuel Startup GreenFuel Gets a New CEO


GreenFuel Technologies, a startup that uses recycled CO2 to grow algae, which can be turned into biofuels, has hired a new CEO…finally. Since June 2007 the company has been led by “interim CEO” (and Ethernet inventor) Bob Metcalfe; it had initially been aiming to find a permanent replacement by last December. Today GreenFuel says former Dow Chemical executive Simon Upfill-Brown will become its CEO as of July 23.

This means GreenFuel has almost completed its 7-step turnaround plan, which also included raising new funding. The company needed to “turn around” after it hit a few speed bumps over the past year that resulted in layoffs, a CEO switch and the shutting down of a greenhouse in Arizona after discovering that its algae tech was more expensive than first planned.

In May the company announced that it had raised $13.9 million of a Series B round from existing investors, and said it would announce details of a strategic Series C round “in the coming weeks.” GreenFuels also said that it will soon announce deals for scaling its algae-farming technology, so look for more news to come out of the algae-to-biofuel startup.



The firm has over $3 billion under management, more than 20 investment professionals, and current investments in more than 75 companies. For more information on Polaris, visit

How many tanked? Any failures? Polaris blames economy and not mismanagment. Always the positive spin.

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