Solar Acquisition Corp (SLRX) Finalizes Agreement With Global Natural Energy (GNE) to Form Renewable Energy Joint Venture for Pr
March 29 2011 - 9:00AM
Marketwired
Solar Acquisition Corp. (OTCBB: SLRX) and Global Natural Energy
(GNE) Cyprus Ltd today announced that they signed a definitive
agreement to form a joint venture, GNE USA, to produce algae-based
bio-diesel oil. The agreements include an exclusive license for
GNE's full commercial turnkey algae systems both to build its own
facilities to compete as a supplier for bio-diesel and to supply
and build GNE algae system joint ventures with utility companies
and state governments that want to create their own source of clean
green diesel.
The company explained that GNE's patented systems make
algae-based bio-diesel more competitive than other plant based
systems in several ways:
- Biomass yields per acre can be three hundred times greater than
conventional plant crops like corn or soybean
- Microalgae are estimated to harvest every two days thus
providing a continuous supply all year
- The GNE system recycles waste water
- GNE-USA farm sites are ideal for co-location with desalination
facilities because we can supply algae that like high salt-water
conditions
- The GNE system anticipates a yield of a marketable edible
protein product that can be used for both animal feed and human
food products.
"Because of the high efficiency of the GNE system and the
marketable by-products, we expect to be able to compete with crude
petroleum-based oil even more so at today's market prices," said
Bruce Levy, SLRX Director. "Unlike some alternative fuel sources,
bio-diesel supports the current infrastructure of trucks, trains
and power generation. Our output goes directly to conventional oil
refineries and will produce high quality diesel. In addition
algae-based systems do not disrupt the market pricing of human
foods like corn and soybean."
The GNE patents and processes improve both the cost of growing
the algae and reduce the costs of extracting the oil used for
diesel fuel production. The 2011 Annual Outlook from the US Energy
Information Agency fuel consumption model predicts that total US
consumption of liquid fuels -- both fossil and bio-fuels -- will
grow from 36 quadrillion Btu (18.8 million barrels per day) in 2009
to 41.8 quadrillion Btu (22.0 million barrels per day) in 2035.
"At GNE we are very proud to have the first full operational
commercial algae for Bio-Diesel farm and processing center which
showcase's GNE's turnkey Algae for Biodiesel systems," said Chaim
Lieberman, CEO of GNE.
The companies also said that they are planning to staff the new
subsidiary, taking advantage of their existing teams' engineering
talent and years of experience in the algae farm and alternative
energy markets.
ABOUT GLOBAL NATURAL ENERGY CYPRUS LTD.
GNE - Global Natural Energy Ltd is an algae-tech company that uses
its patented breakthrough systems to grow algae for "Green"
bio-diesel fuel, human food, pharmaceutical and neutraceutical
products and animal feed. GNE is building a worldwide network of
joint ventures developing turnkey algae farms and algae processing.
For more information visit http://www.gne.bz/.
ABOUT SOLAR ACQUISITION CORP. Solar
Acquisition Corporation (OTCBB: SLRX) is focused on commercializing
renewable energy technology. The scope of SLRX's interest includes
Solar PV, Wind, Fuel Cell, and Geothermal in addition to research
and development into innovative renewable energy solutions.
Currently SLRX is in the process of developing a portfolio of
intellectual assets, patents and companies. For more information
visit http://www.createcleanpower.com.
SAFE HARBOR Statements made in this news
release that relate to future plans, events or performance are
forward-looking statements. Any statement containing words such as
"believes," "soon," "anticipates," "plans," or "expects," and other
statements which are not historical facts contained in this release
are forward-looking, and these statements involve risks and
uncertainties including the ability of the company to develop an
algae business, raise the necessary funds if needed, the ability of
Solar Acquisition and GNE to develop a meaningful business from any
of its activities, or sell alternative energy products at a profit.
Consequently, actual results could differ materially from the
expectations expressed in these forward-looking statements.
Reference is made to the Company's filings with the Securities and
Exchange Commission for a more complete discussion.
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Contacts: SLRX: +1 734-238-1758 GNE: Israel +972-2-652-9516
Media Contact: eMarkets Group LLC +1 551-200-5586