Lincoln Park Capital invests in BlueFire Renewables

Lincoln Park Capital Fund has agreed to invest up to $10 million (€7.3 million) into BlueFire Renewables, a producer of renewable fuels via non-food cellulosic wastes.

The investment, which will be spread out over 30 months, will go towards new developments by BlueFire, improving its processing capabilities.

The round of funding comes following a busy year for BlueFire. In 2010 the company received three large contracts with Cooper Marine Timberlands, Tenaska Biofuels and Mastec, enabling the company to finance its Fulton plant in Mississippi.

The new investment will help BlueFire continue to develop the plant which currently processes local green and wood waste, turning it into about 19 million gallons of ethanol each year.

BlueFire’s president and CEO Arnold Klann says: ‘We are pleased to have received this initial investment from Lincoln Park Capital. In addition, the agreement provides added flexibility to opportunistically raise additional capital from this committed institutional investor which should complement our other capital raising efforts.’

He continues: ‘Lincoln Park Capital has shown confidence in our ability to continue to progress and expand our capabilities and we look forward to working with their well respected team.’