By Pacific Business News (Honolulu)

Ulupono Initiative has invested in ClearFuels Technology Inc. to develop commercial biofuels projects in Hawaii.

Ulupono, a Hawaii-focused social investment organization funded by eBay founder Pierre Omidyar and his wife, Pam, made an initial investment of both financial capital and management, ClearFuels said in a prepared statement Tuesday. The amount of the investment was not disclosed.

The Aiea-based ClearFuels recently received a $22.6 million grant from the U.S. Department of Energy for biofuel technology. It also has submitted a proposal to Hawaiian Electric Co. to develop local biofuels and has initiated a study to evaluate potential biofuels production alternatives on Maui.

Copyright 2010 American City Business Journals
Copyright 2010