Algenol Invited by the US Dept. Of Energy and US Dept. Of Commerce to Participate in Business Development Mission to China
Tuesday, April 7, 2015
Fort Myers, FL – Algenol proves, once again, to be a global leader in the commercialization of advanced biofuels from CO2, as they join the U.S. Secretary of Energy, Ernest Moniz, and the U.S. Secretary of Commerce, Penny Pritzker, on a business development mission to China. This honor comes on the heels of being recognized with the Global Leadership Award in Biofuels from PLATTS.
The DOC and DOE are pleased that Algenol has joined their team to explore business prospects in China. Algenol joins an elite assembly with companies like GE, Southern Company, Honeywell, Praxair, Alcoa, and Lockheed Martin also traveling with this group. “The companies selected… are key reminders that through world-class innovation of U.S. companies, we can decrease emissions while creating economic opportunities,” says Secretary Moniz.
Algenol’s goal for this mission is to offer Chinese government officials and private businesses solutions for reducing carbon emissions by recycling man-‐made carbon dioxide (CO2) generated from carbon intense industries. Algenol’s technology turns carbon pollution into a business and economic opportunity by utilizing its patented algae platform to consume CO2 from industrial emissions and produce the world’s four most important fuels – ethanol, gasoline, diesel and jet fuel. The application of Algenol’s technology would provide China with considerable quantities of low-‐price, domestically-produced renewable fuels and support the nation’s goal of reducing carbon emissions. Algenol’s fuels are independently certified by the U.S. Environmental Protection Agency to have a 69% reduction in carbon footprint compared to gasoline and diesel.
Algenol has proven that its technology can be successfully co-‐located with and managed by a partner with its recent announcement that Reliance Industries commenced operations of the company’s production platform near the Jamnagar Refinery in India. The facility in India is designed to produce 7 barrels of fuel for every 2 tonnes of CO2 processed through the Algenol platform. As the world’s third largest producer of CO2, the facility’s ethanol and renewable crude oil production will help meet critical demand for energy in India, as well as help to reduce green house emissions from carbon dioxide, similar to what Algenol would hope to accomplish in China.
CEO Paul Woods says of the China Mission, “We feel like Algenol can make a real difference around the world. Carbon pollution is a global issue and Algenol is the one viable solution that can help China, and other countries, by converting industrial waste CO2 into green fuels, while simultaneously producing fresh water for their citizens. It’s a win-‐win for their government, their citizens, and all of us, really. We are looking forward to exploring the clean technology partnerships opportunities in the region.”
Algenol recently won the Global Leadership in Biofuels award from PLATTS. Algenol’s algae platform produces the four most important transportation fuels (ethanol, gasoline, jet and diesel) for $1.30US each per US gallon. Algenol’s proprietary Direct to Ethanol® process harnesses the incredible productivity of its patented strain of algae to drive yields 20 times that of corn ethanol, and requires only sunlight, saltwater and CO2 for production. Algenol has commenced initial operations of its commercial module at its Florida development campus and will begin construction on a full-‐scale commercial facility with initial sales in 2016.
For more information about Algenol, please visit www.algenol.com