GreenFuel Closes $11 Million Series B Investment Round; Funding Will Support Expansion of R&D Activities and Development of Phased Commercial Deployment Projects.

CAMBRIDGE, Mass. -- GreenFuel Technologies Corporation, a privately held company providing emissions-to-biofuels(TM) conversion services to power plants and industrial facilities, announced today that it has closed a Series B investment round totaling $11 million. Headed by lead investor Draper Fisher Jurvetson (DFJ) with a $6 million stake, the Series B syndicate includes Series A investors contributing $3.9 million, and several individual investors together providing $1.1 million.

"We were pleased to receive such strong interest in this financing round," noted Cary Bullock, GreenFuel President and CEO. "We chose DFJ because of their stature as a preeminent 'clean technology' investor, with a strong commitment to the industry. In addition to our new investors, we are gratified by the vote of confidence from Access and our other Series A investors, who also play a significant role in this round."

GreenFuel is currently undertaking a field trial of its trademark emissions-to-biofuels system with one customer, and is in negotiations with several other prospective customers. The existing GreenFuel system has already been demonstrated to reduce up to 40% of CO2 and 86% of NOx from untreated smokestack gases, and to produce a raw oil stock with attractive chemical properties and a long stable shelf life.

"We anticipate that the global demand for carbon management solutions will sharpen substantially in the coming years, and this investment is a strong addition to our clean technology portfolio," noted Jennifer Fonstad, Managing Director at DFJ. "In our assessment, GreenFuel possesses a critical combination of unique technological innovations and an insightful business model necessary to make carbon management a profitable enterprise."

According to returning investor Peter Thoren, Executive Vice President of Access Industries, "GreenFuel has consistently met its stringent milestones and, in many cases, the company has significantly exceeded expectations. GreenFuel's continued success confirms its tremendous potential to reshape emissions management around the world. We are pleased to be in a position to continue to support GreenFuel's future growth and development."

About GreenFuel Technologies Corporation

GreenFuel's mission is to profitably transform exhaust gases from power plants and industrial sites into renewable biofuels, worldwide. The company's patent-pending system is linearly scalable, produces no harmful byproducts, and is compatible with untreated water supplies. GreenFuel is presently negotiating facility installations domestically, as well as internationally. The company is headquartered in Cambridge, MA. For more information, visit www.greenfuelonline.com.

For more information on Draper Fisher Jurvetson, visit www.dfj.com.