PetroAlgae Announces Strategic Partnership With Foster Wheeler to Create End-to-End Biomass-to-Fuel Solutions
December 10 2009 - 8:15AM
PR Newswire (US)
MELBOURNE, Fla., Dec. 10 /PRNewswire/ -- PetroAlgae Inc. (OTC
Bulletin Board: PALG) announced today that it has signed a
Memorandum of Understanding with Foster Wheeler AG's (NASDAQ:FWLT)
Global Engineering and Construction Group for engineering services
to be performed in conjunction with PetroAlgae's micro-crop
technology, which allows for the production of dry biomass at an
unprecedented scale. PetroAlgae intends to work with Foster Wheeler
to develop commercial solutions that will allow existing oil
refineries to convert micro-crop biomass into fuels that are
functionally compatible with petroleum-based fuels in the current
market. For refineries, the solutions are expected to provide
strong economics from the large-scale processing of PetroAlgae's
micro-crop biomass into green fuels. The two firms will create
end-to-end market solutions for the large-scale production of green
gasoline, diesel, jet fuel and specialty chemicals. "Foster
Wheeler's engineering and refining expertise coupled with our
commercial scale biomass technology will provide an opportunity to
create end-to-end market solutions for optimizing the conversion of
large quantities of biomass into large quantities of green fuels,"
said Dr. John Scott, chairman of PetroAlgae. "Through this
partnership, we expect to further optimize our fuel and petroleum
replacement output, more rapidly integrate with current refinery
systems and realize the benefit of Foster Wheeler's ability to
bring innovation to the process. These solutions offer the promise
of transforming sunlight into fuels, thereby providing countries
around the world with yet another option on the path to sustainable
and clean energy independence." "Our company has long been a global
leader in engineering solutions to some of the world's major energy
problems," said Umberto della Sala, president and chief operating
officer of Foster Wheeler AG. "We believe we can play a significant
role in helping refineries realize the potential of processing
biomass into green fuels. We are excited about the opportunity to
work with a dynamic organization like PetroAlgae and having the
opportunity to develop biomass conversion solutions that will help
the refinery industry realize the potential of green fuels." About
PetroAlgae Inc. PetroAlgae Inc. (OTCBB: PALG) is a leading
alternative energy company that licenses a commercial micro-crop
technology system to produce clean fuel and food in an
environmentally sustainable manner. Through a modular, flexible
design construction, PetroAlgae enables a near-continuous growing
and harvesting process of a wide variety of micro-crops suited to
local climates, ensuring maximum growth rates. PetroAlgae's
globally scalable system produces high-value protein as well as a
cost-effective alternative to fossil fuels, while absorbing carbon
dioxide from greenhouse gas emissions. The Florida-based company
expects to establish first-mover advantage in the biofuels industry
and offers a path to sustainable and clean energy independence
while promoting local job growth. For further information on
PetroAlgae, please visit http://www.petroalgae.com/. About Foster
Wheeler AG Foster Wheeler AG is a global engineering and
construction contractor and power equipment supplier delivering
technically advanced, reliable facilities and equipment. The
company employs over 14,000 talented professionals with specialized
expertise dedicated to serving its clients through one of its two
primary business groups. The company's Global Engineering and
Construction Group designs and constructs leading-edge processing
facilities for the upstream oil and gas, LNG and gas-to-liquids,
refining, chemicals and petrochemicals, power, environmental,
pharmaceuticals, biotechnology and healthcare industries. The
company's Global Power Group is a world leader in combustion and
steam generation technology that designs, manufactures and erects
steam generating and auxiliary equipment for power stations and
industrial facilities and also provides a wide range of aftermarket
services. The company is based in Zug, Switzerland, and its
operational headquarters are in Clinton, New Jersey, USA. For more
information about Foster Wheeler, please visit their Web site at
http://www.fwc.com/. Forward Looking Statements: This news release
may contain certain forward-looking statements. Forward-looking
statements are based on current expectations and assumptions and
are inherently subject to risks and uncertainties, some of which
cannot be predicted or quantified, and many of which are beyond the
Company's control. Actual results could differ materially from
these forward-looking statements as a result of a number of
factors, including the uncertainty of the launch of our
commercialization strategy, potential delays and/or other factors
that may negatively impact the Company's ability to progress with
its strategic alliance with Foster Wheeler AG, the availability of
additional capital to support the Company's operations,
particularly the launch of its commercialization strategy, as well
as other risks detailed in the Company's filings with the
Securities and Exchange Commission (the "SEC"). Given these risks
and uncertainties, investors are cautioned not to place undue
reliance on such forward-looking statements and no assurances can
be given that such statements will be achieved. The Company and all
affiliated parties do not assume any duty to publicly update or
revise the material contained herein. DATASOURCE: PetroAlgae Inc.
CONTACT: Media, Katie Hays of Weber Shandwick Seattle,
+1-425-452-5428, , or Investors, Sean Li of Investor Relations
International, +1-818-382-9700, , both for PetroAlgae Inc. Web
Site: http://www.petroalgae.com/ http://www.fwc.com/
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