Petroalgae and Suriname Ministry of Natural Resources Sign Master Framework and Initial License Agreement to Begin Open Growth Bioreactor for Renewable Fuels and Protein

Initial Steps Underway for Phased Implementation Leading to a Full Commercial License Unit for Production of Biomass for Fuel and Food

MELBOURNE, FL — June 13, 2011—PetroAlgae Inc. (OTCPK: PALG) and its operating company PA LLC, a leading renewable energy company that licenses its commercial micro-crop technology globally, today announced that it has finalized a Master Framework and Initial License Agreement with the Ministry of Natural Resources for the Republic of Suriname (Ministry), Staatsolie Maatschappij Suriname N.V. (Staatsolie), and N.V. Verenigde Cultuur Maatschappijen (N.V. VCM) for the phased construction and operation of a commercial-scale, PetroAlgae farm for the production of renewable fuel and protein. Planning and funding for the initial phase is underway utilizing PetroAlgae’s micro-crop system and licensed technology.

Under the agreement, Staatsolie will serve as the lead coordinator for the Ministry, while N.V. VCM and Staatsolie will be responsible for construction and operation of the project. PetroAlgae will contribute the use and limited license to certain of its PA intellectual property and technology as well as supporting services and quality assurance.

“The Ministry is continuously evaluating clean renewable fuel and food production and is very pleased to be working with the PetroAlgae team, the Staatsolie organization and N.V. VCM on this important initiative,” said Mr. Jim Hok, Minister of Resources for the Ministry of Natural Resources for the Republic of Suriname. “We are very excited about the prospects of this partnership for building a new profitable industry that is consistent with maintaining our pristine environment and with our commitment to create green jobs in Suriname. We see this initiative with PetroAlgae as an example of Suriname’s growing leadership position in the region.”

PetroAlgae’s micro-crop technology employs indigenous, non-algae, aquatic micro-crops suitable to local climates. It is designed to produce biomass at commercial scale and to enable its licensees to develop a cost-effective alternative to fossil fuels, as well as a high-value protein co-product, while absorbing carbon dioxide from greenhouse gas emissions.

“PetroAlgae is pleased to be partnering with the Suriname government, Staatsolie, and N.V. VCM as this represents a very strong team to license, build and operate a PetroAlgae production farm in Suriname,” said Dr. John Scott, Chairman of Petroalgae. “We see tremendous opportunity for the clean production of renewable fuels as well as a new source of protein. The Ministry of Natural Resources and Staatsolie demonstrate a strong vision for the country as well as the region, and are not only highly diligent in their evaluation process but also efficient in their decision making process. Additionally, N.V. VCM has very strong operational and deployment competencies. We anticipate a highly productive relationship with the entire team.”

About PetroAlgae
PetroAlgae Inc. (OTCPK: PALG), based in Melbourne, Florida, is a renewable energy company that licenses and deploys the leading biomass production platform to address existing and growing unmet needs in the global energy and agriculture markets. The company’s technology enables the growing and harvesting of a wide variety of non-algae, aquatic micro-crops suitable to local climates in open-pond bioreactors. For more information about PetroAlgae, please visit our website at http://www.petroalgae.com/.

MELBOURNE, Fl, November 22, 2010 – PetroAlgae Inc. (OTCBB: PALG), a leading renewable energy company that licenses its commercial micro-crop technology globally, today announced that Rob Harris, a 20-year veteran of British Petroleum (BP), has joined PetroAlgae and its operating company, PA LLC, as President and Chief Operating Officer.

At BP, Mr. Harris served in a variety of capacities, most recently as Director of Procurement for the refining and chemical portfolio, where he managed a multi-billion dollar procurement spend. Prior to that, he was General Manager of BP’s world-wide solvents and industrial chemicals business operations, General Manager of BP Oil’s successful downstream Global Specialty Products business, and was a key player on the corporate mergers and acquisitions team in the acquisition of Burmah Castrol. He also served as Global General Manager of BP-Amoco’s merged polybutene business. After leaving BP, Mr. Harris served as a Group Managing Director for British Vita, a Texas Pacific Group (Private Equity) portfolio company, and then as Commercial Director of NSG Pilkington. He is also a non-executive director of Ethanol Ventures, a UK-based bioethanol company.

At PA LLC, Mr. Harris will be responsible for leading the organization in the implementation of the company’s strategic goals and objectives to maximize sustainable funds flow. In this role, Mr. Harris will be responsible for transforming the company from an innovation and technology company to a commercial entity, with world-class licensing value propositions.

“Rob has the business leadership skills and an operational track record gained in the oil and gas and chemicals industry to make a significant contribution to PetroAlgae,” said Dr. John Scott, PetroAlgae’s Chairman and Chief Executive Officer. “He brings tremendous credibility in our industry, based on his experience in growing significant global businesses for BP and other blue-chip companies. I am excited to have him as a key part of the PetroAlgae team.”

About PetroAlgae
PetroAlgae Inc. (OTCBB: PALG), based in Melbourne, Florida, is a renewable energy company that licenses and deploys the leading biomass production platform to address existing and growing unmet needs in the global energy and agriculture markets. The company’s technology enables the growing and harvesting of a wide variety of non-algae micro-crops suitable to local climates in open-pond bioreactors. For more information about PetroAlgae, please visit our website at www.petroalgae.com

Joint Effort with leading Airline Focuses on Renewable Jet Fuel

MELBOURNE, FLORIDA — November 11, 2010—PetroAlgae Inc. (OTCBB: PALG), a leading U.S. renewable energy company that licenses its commercial micro-crop technology globally, today announced it has entered into a non-binding offtake supply agreement with Sky Airline, a leading Chilean airline providing passenger, mail, and cargo air transportation services.

Subject to certain conditions, Sky Airline and PetroAlgae have agreed to collaborate to enable Sky Airline to purchase the fuel feedstock produced by licensees of PetroAlgae’s technology as a feedstock for conversion into renewable jet fuel.

PetroAlgae currently licenses and deploys the leading biomass production platform to address existing and growing unmet needs in the global energy and agriculture markets. Its proprietary technology, consisting of light and environmental management systems, allows its customer licensees to grow aquatic microorganisms at a rate that consistently exceeds four times the natural growth rates. This enables the commercial-scale production of two end-products: a fuel feedstock and a protein. The fuel feedstock is intended to be used principally in existing refineries, resulting in renewable fuels, including renewable jet fuel.

“We are excited to be working with PetroAlgae to bring green jet fuel to Chile,” said Holger Paulmann, Director of Sky Airline. “Our airline has always prided itself on being at the forefront of change that is good for our customers, the economy, and the country. With PetroAlgae’s commercial-scale biomass from micro-crops, we hope to develop clean renewable jet fuel in existing refineries, which will reduce our reliance on fossil fuels and create green jobs in the process.”

About PetroAlgae
PetroAlgae Inc. (OTCBB: PALG), based in Melbourne, Florida, is a renewable energy company that licenses and deploys the leading biomass production platform to address existing and growing unmet needs in the global energy and agriculture markets. The company’s technology enables the growing and harvesting of a wide variety of non-algae, aquatic micro-crops suitable to local climates in open-pond bioreactors. For more information about PetroAlgae, please visit our website at http://www.petroalgae.com.

Originally press release found here.

New Source of Protein Can Replace Menhaden Fishmealin a Variety of Farmed Fish Species

MELBOURNE, FL — November 4, 2010—PetroAlgae Inc. (OTCBB: PALG), a leading renewable energy company that licenses its commercial micro-crop technology globally, announced today that a third party study done by the Aquaculture Research Institute at the University of Idaho has found that PetroAlgae protein concentrate (PPC) produced as a coproduct along with the renewable fuel feedstock by the company’s micro-crop technology system can replace menhaden fishmeal protein at levels up to 100% in feeds for tilapia.

“We are very encouraged by the results of this extensive study because they point to PetroAlgae protein as a highly desirable replacement for fishmeal at a time when feed demand is expected to increase dramatically in the face of limited traditional supply,” said Dr. Ronald W. Hardy who conducted the study.

The study also found that PPC would be suitable as a fishmeal replacement for other farmed fish species. According to the study, tilapia is one of the largest-volume farmed fish species, and tilapia production is expected to grow from 2.8 million tons to more than 9 million tons by 2020, requiring 13 million tons of feed (up from 8 million tons in 2010).

PetroAlgae’s micro-crop technology employs indigenous, aquatic micro-organisms suitable to local climates and is designed to enable its technology licensees to produce a cost-effective alternative to fossil fuels as well as a high-value protein co-product, while absorbing carbon dioxide from greenhouse gas emissions. Micro-crop farms utilizing PetroAlgae’s technology are highly productive and grow new sources of protein locally that are not genetically modified and are resistant to local diseases. In addition to its uses in the aquaculture industry, the company expects PPC to be suitable for nursery swine, poultry, and, ultimately, for direct human consumption.

Dr. Hardy, who heads the Aquaculture Research Institute, directed the nine-week comprehensive University of Idaho PPC study. The study concluded that:

• PPC is capable of replacing fishmeal protein up to 100% in feeds for tilapia, without the need for amino acid supplementation or other adjustments to the formulation, and can provide growth performance similar to fishmeal.
• PPC, when combined with fishmeal, supported higher fish weight gain than with fishmeal alone, suggesting a positive synergistic effect most likely related to favorable amino acid balance in the feed.
• PPC does not change the composition of tilapia and does not increase tilapia mortality rates. Together, these findings indicate that PPC is a safe feed ingredient with no toxic indications after nine weeks of feeding.
• PPC yields nutrients that are highly digestible, demonstrating significant potential as a feed component for other farmed fish species.
• PPC has excellent suitability for producing low pollution feeds that reduce environmental contamination in dense aquaculture areas.

“PetroAlgae micro-crop protein presents a unique and sustainable route to a new, large-scale protein source to overcome the significant challenge of replacing fishmeal in aquaculture diets,” said Dr. Hardy.

Because the fishmeal industry’s main production center is Latin America, far from Chinese and European consumption centers, fishmeal is one of the world’s most internationally traded commodities. The International Fishmeal and Fish Oil Association, a trade body, estimated that each ton of fishmeal travels an average of 5,000 kilometers to reach its end-user in the aquaculture industry. By comparison, PPC allows for a shortened supply chain and reduces business risk, because micro-crop farms using PPC can be sited locally, close to consumption centers. Therefore, PPC has the ability to reduce the industry’s carbon footprint, and its steadystate production allows for greater quality control and just-in-time inventory management. PPC’s other environmental benefits include lower pressure on ocean fisheries, lower risk of zoonotic disease, a positive carbon balance and a route to renewable fuel that is additive to the food and feed chain.

“We are very excited with the findings of Dr. Hardy and his team at the University of Idaho, said Dr. John Scott, Chairman and Chief Executive Officer of PetroAlgae. “Their reputation puts them at the top of their field, and we can proceed with a high degree of confidence to help our licensees commercialize PetroAlgae protein concentrate as a high-value replacement to traditional fishmeal in both quality and environmental impact.”

About PetroAlgae
PetroAlgae Inc. (OTCBB: PALG), based in Melbourne, Florida, is a renewable energy company that licenses and deploys the leading biomass production platform to address existing and growing unmet needs in the global energy and agriculture markets. The company’s technology enables the growing and harvesting of a wide variety of non-algae, aquatic micro-crops suitable to local climates in open-pond bioreactors. For more information about PetroAlgae, please visit our website at http://www.petroalgae.com

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Original press release posted here

MELBOURNE, Fl, September 29, 2010 – Foster Wheeler AG (NASDAQ: FWLT) announced yesterday that its Global Engineering and Construction Group, working with PetroAlgae Inc. (OTCBB: PALG), has completed initial testing of PetroAlgae’s biomass with encouraging results. The biomass is being tested as a delayed coker feedstock supplement to provide renewable biofuels to the market. Following is the full Foster Wheeler press release issued yesterday:

Foster Wheeler Obtains Encouraging Results from Initial PetroAlgae Biomass Testing

ZUG, Switzerland, Sep 28, 2010 (BUSINESS WIRE) — Foster Wheeler AG, (Nasdaq: FWLT) announced today that its Global Engineering and Construction Group, working with PetroAlgae Inc., (OTCBB:PALG) has completed its initial testing of PetroAlgae’s biomass, with encouraging results. The biomass, produced at PetroAlgae’s micro-crop farm in the U.S., is being tested as a delayed coker feedstock supplement to provide renewable biofuels to the market. This biomass is renewable, carbon neutral, sustainable and lends itself readily to commercial-scale production.

Testing was conducted at a state-of-the-art commercial coker testing facility operated by the College of Engineering and Natural Sciences at the University of Tulsa (Oklahoma). The combination of PetroAlgae’s proprietary patent-pending biomass production system, and Foster Wheeler’s SYDECSM delayed coking technology, is being designed with the intent to allow the delayed coker to incorporate biomass into the coker feedstock, with minimal configuration changes to an existing unit.

Testing was conducted to demonstrate that the biomass is an effective add-in complement to vacuum residue coker feedstock, and does not significantly affect overall coker operations. The initial test results demonstrate that biomass, mixed with vacuum residue, yields additional valuable hydrocarbons as a result of biomass carbohydrate and lipid decomposition. Further testing and engineering development is underway to optimize process parameters and feedstock blend ratios.

“We are very pleased with the results from our initial testing of PetroAlgae’s biomass that generates green fuels from a blend of biomass and petroleum vacuum residue,” said Umberto della Sala, president and chief operating officer of Foster Wheeler AG. “These results could lead to a change in the way refineries look at biofuels in the future, as we believe this presents a commercially scalable source of biomass which produces a true ‘drop in’ feedstock which is compatible with the entire existing transportation fuel infrastructure.”

Foster Wheeler AG is a global engineering and construction contractor and power equipment supplier delivering technically advanced, reliable facilities and equipment. The company employs approximately 13,000 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 office is in Geneva, Switzerland. For more information about Foster Wheeler, please visit our website at http://www.fwc.com.

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About PetroAlgae

PetroAlgae Inc. (OTCBB: PALG), based in Melbourne, Florida, is a renewable energy company that licenses and deploys the leading biomass production platform to address existing and growing unmet needs in the global energy and agriculture markets. The company’s technology enables the growing and harvesting of a wide variety of non-algae micro-crops suitable to local climates in open-pond bioreactors. For more information about PetroAlgae, please visit our website at http://www.petroalgae.com

Original source located here.