Correction done on April 4 to the spelling of Bob Metcalfe's name.
GreenFuel Technologies has reached an agreement to build an algae-to-fuel plant in Europe, which could be worth as much as $92 million, according to a report.
GreenFuel has developed a bioreactor that grows algae from the carbon dioxide emissions of power plants. The algae is harvested and turned into different types of fuel--either biodiesel or biomass--that can be burned to make electricity.
The company ran into trouble last year when it found that its process was too expensive because it generated too much algae and required too much manual intervention.
The board replaced Bullock as CEO with interim CEO Metcalfe, best known for his contribution to inventing Ethernet and who is now venture capitalist at Polaris Ventures.
The company is operating a pilot plant with the utility Arizona Public Service Company.
The reported deal comes after a few other biofuels companies have gained funding to expand toward commercial-scale plants.
On Friday, Range Fuels said it is has secured $100 million to build a gasification plant that will make ethanol from blue chips.
Update 12:18 p.m. Pacific.In response to a query, GreenFuel's interim CEO Bob Metcalfe said that the company can "neither confirm nor deny these rumors."