PetroAlgae to Partner with India's Largest Energy Company to Deploy Micro-cropto Renewable Fuel Technology
MELBOURNE, Fla., Nov. 3 /PRNewswire-FirstCall/ -- PetroAlgae Inc. (OTCBulletin Board: PALG) (PetroAlgae or the Company) today announced that PA LLC,a Delaware limited liability company that is PetroAlgae's operating subsidiaryhas signed a Memorandum of Understanding (MoU) to enter into an agreement tolicense the Company's proprietary micro-crop technology to Indian OilCorporation Limited (IOCL) for its future large-scale production of renewablefuels.
Under the terms of the MoU and the license agreement to be completed, IOCLwill build a pilot facility to demonstrate the commercial viability ofproducing renewable fuels from micro-crops. Upon achieving success, the pilotfacility is expected to lead to the completion of a licensed unit forlarge-scale production of renewable fuels by IOCL.
IOCL publicly issued the following information on the partnershipannouncement: IndianOil signs MoU with PA LLC of FloridaIndianOil signed a Memorandum of Understanding (MoU) with PA LLC of Florida tocollaborate on biodiesel production from micro-algae on October 16, 2009. The MoU was signed by Mr. B. M. Bansal, Director (P&BD) and Mr. OttmarDippold, CEO, PetroAlgae LLC. Fred Tennant, Executive Vice President, and AdamWolfe, Financial Analyst, Mr. Anand Kumar, Director (R&D), were also present.
Together with PA LLC, IndianOil, will pioneer the commercial bio-dieselproduction from algae. IndianOil and PA LLC, initially will collaborate onadapting the algal strains and technology developed by PA LLC to suit Indianconditions. Thereafter, a pilot facility is proposed to demonstrate thecommercial viability of the technology. A commercial production facility witha capacity of 200,000 TPA of bio-diesel is proposed in the near future, alongwith a high-value protein that can be used as feedstock for animal feedproduction as a by-product.
IndianOil has been exploring commercial ventures in all form of alternateenergy including, solar, wind and bio-fuels. Significant progress has beenmade by the Corporation in energy crop plantation. Over 850 ha of jatrophaplantation has already been completed in Madhya Pradesh and Chhattisgarh.During the next season, almost 40,000 ha of plantation is proposed to becompleted along with commercial marketing of bio-diesel throughIndianOil-CREDA Biofuels Limited. About PetroAlgae Inc.
PetroAlgae (OTCBB: PALG) expects to be the first renewable energy company tocommercialize a system that enables the production of a drop-in replacementfor fossil fuels. The company's globally scalable micro-crop technologyproduces a cost-effective alternative to fossil fuels as well as a highquality protein co-product, while absorbing carbon dioxide from greenhouse gasemissions. The green fuels produced are functionally compatible withpetroleum-based fuels and therefore use the existing industry infrastructure,hence the term "drop-in". Through a modular, flexible design construction,PetroAlgae enables a near-continuous growing and harvesting process of a widevariety of micro-organisms suited to local climates, ensuring maximum growthrates. The Florida-based company has established first-mover advantage in themicro-crop to fuels industry and offers a path to sustainable and clean energyindependence while promoting local job growth.
For further information on PetroAlgae, please visit http://www.petroalgae.com/.
About Indian Oil Corporation Ltd.
Indian Oil Corporation Ltd. (Indian Oil) is currently India's largest companyby sales with a turnover of Rs. 285,337 crore and profit of Rs. 2,950 crorefor fiscal 2008-09. Indian Oil is also the highest ranked Indian company inthe prestigious Fortune 'Global 500' listing, having moved up 19 places to the116th position in 2008. It is also the 18th largest petroleum company in theworld. Indian Oil's vision is driven by a group of dynamic leaders who havemade it a name to reckon with. The Corporation is celebrating the year 2009 asits golden jubilee year.
For further information on Indian Oil, please visit http://www.iocl.com/.
Forward Looking Statements: This news release may contain certainforward-looking statements. Forward-looking statements are based on currentexpectations and assumptions and are inherently subject to risks anduncertainties, some of which cannot be predicted or quantified, and many ofwhich are beyond the Company's control. Actual results could differ materiallyfrom 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'sability to progress with its strategic alliance with Indian Oil CorporationLimited (IOCL), the availability of additional capital to support theCompany's operations, particularly the launch of its commercializationstrategy, as well as other risks detailed in the Company's filings with theSecurities and Exchange Commission (the "SEC"). Given these risks anduncertainties, investors are cautioned not to place undue reliance on suchforward-looking statements and no assurances can be given that such statementswill be achieved. The Company and all affiliated parties do not assume anyduty to publicly update or revise the material contained herein.
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