Located in Berlin, Germany, Cyano Biofuels produces hybrid algae to make ethanol and green chemicals.
Algenol said the acquisition is expected to increase its research and development capacity and to strengthen its valuable access to European expertise in biotechnology and algal research.
Algenol co-founder and CEO Paul Woods said that combining both the companies will accelerate their ability to fully develop Algenol’s direct to ethanol technology.
"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," Woods said.
Algenol previously held an indirect, minority position in Cyano Biofuels, and Algenol has worked with the German company for the past three years.
Cyano Biofuels CEO and co-founder Dan Kramer said that with Algenol’s state-of-the-art new laboratories in Lee County, Florida and plans to build a pilot-scale biorefinery in 2011.
