GreenFuel Fired Up for Big Plant in Spain—Announces Next Phase of $92 Million Plan
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the rest is “based on us delivering milestones.” Once the plant is complete, GreenFuel will then be eligible to receive royalties tied to what the farm produces, he says.
Whatever the financial terms with Aurantia, it isn’t enough to fuel GreenFuel—which now has some 40 employees—at least in the short term. In May, the firm announced it had received $13.9 million in funding from existing investors that included Polaris Venture Partners, Access Private Equity, and Draper Fisher Jurvetson under an extension of its Series B round. But Upfill-Brown, a former Dow Chemical executive who joined the firm in July, says the company still needs to close a Series C financing round that he had hoped would have been done already. (Indeed, board chairman Bob Metcalfe of Polaris, then functioning as interim CEO, told us in June he had two potential term sheets on the table). Upfill-Brown says all existing investors are committed to the new round, but that the company is looking for a new group to lead it. “We’re putting the numbers together, and within a month or so we should be out trying to do that,” he says.
While there are still challenges ahead, both technically and in completing the financing, Upfill-Brown says he likes GreenFuel’s position. “We’ve got a number of deals in the works, but nothing really to talk about yet,” he says, echoing hints dropped in June by Metcalfe. The bigger challenge, he says, will be to avoid taking on too much too soon. Says he, “I think our focus is to make sure a couple of these really work.”