The San Jose, Calif.-based company had developed a technology whereby it could convert waste fats and greases from wastewater into “road-grade” biodiesel fuel. It had begun generating revenue from its conversion facility in Idaho, and had raised a $9 million Series A round in 2007 from Draper Fisher Jurvetson and Element Partners.
“We were chugging right along, trying to help ease America’s dependence on foreign oil,” says Marc Privitera, the company’s vice president of engineering. “I had no idea we were going to be shut down, but I guess that’s common at venture capital-backed companies.”
Privitera was one of more than 20 BioFuelBox employees given pink slips last week. Calls to the company’s offices went straight to voicemail, and board memebrs Jennifer Fonstad (DFJ) and John Rockwell (Element) did not return requests for comment. Both DFJ and Element have removed BioFuelBox from their online lists of portfolio companies.