Biofuel Developer Using Algae Joins U.S. Research Institute

Nick Gerritsen, director of Aquaflow, said, "We were thrilled when they approached us to join the institute. Silicon Valley is where the research and investment action is and Girvan can open so many doors for us." He said that since Aquaflow announced its breakthrough in June, the company has set up Aquaflow Inc. in the U.S. and received many international inquiries.

"We can provide a lot of value to Aquaflow in California and the U.S. given our track record fostering and supporting entrepreneurial business ventures," said Evan M. Epstein, Girvan chief operating officer, "especially early stage high-tech companies." He said the institute was attracted to Aquaflow because it was an exciting start-up in the renewable energy field.

Epstein said Aquaflow could have a "very large potential market" in the U.S. He said the U.S. market is looking for new ventures in the renewable energy space (in all, U.S. venture capital funds invested a record $739 million in renewable energy in 2005, up 36% from 2004).

"If Aquaflow is successful, their potential in the U.S. is enormous," says Epstein.