A Florida-based algae-biodiesel maker has raised funds for what it hopes will become its first commercial plant.

This story from TheAutoChannel.com says PetroAlgae Inc. has raised $10 million in capital for the project:

“The proceeds from this offering are expected to help finance the launch of PetroAlgae’s most significant milestone to-date, the commercialization of its first biodiesel product derived from algae,” said Dr. John Scott, Chairman of the Board of PetroAlgae Inc. “As a result, 2009 could represent the breakthrough year not only for PetroAlgae but for the entire biodiesel and alternative energy markets. We are pleased to be able to position PetroAlgae at the forefront of these emerging markets and look forward to providing our shareholders, employees and customers with our detailed commercialization strategy in the weeks ahead,” concluded Dr. Scott.

The money was raised through sales of stock to two existing investors.