PetroAlgae Signs MOU in Chile

PetroAlgae Inc. has signed a Memorandum of Understanding with Chilean company Asesorias e Inversiones Quilicura (AIQ) that is expected to enable the development of a micro-crop technology system for the large-scale production of algae based gasoline, diesel and jet fuel in Chile.

Under the agreement, AIQ has acquired an option to purchase from PetroAlgae a standard license to build a full micro-crop technology system for commercially producing biofuels and high-value protein.

Chile imports more than 70% of its fuel in the form of oil, gas and coal and is looking to reduce its dependence on imports by giving increased attention to renewable replacements for fossil fuel that can be developed indigenously. PetroAlgae said that its micro-crop technology is designed to enable its 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.

By managing exposure to light, PetroAlgae said that its technology is able to increase the growth and productivity of indigenous organisms in open-pond bioreactors. The micro-crops absorb approximately twice their weight in CO2, and are harvested every few hours producing two products— a high-quality protein and carbohydrate-rich biomass. The protein is used for animal feed and in the future is expected to become a direct source of protein for humans. The biomass is sent to a normal refinery and produces green gasoline, diesel and jet fuel.

“Today, attention and large-scale investment have turned dramatically toward the potential of micro-crops,” said Andres De Carcer and Rosi Palma of AIQ. “We are certain that PetroAlgae’s technology, which produces commercial-scale biomass that can be converted into green fuels in normal refineries, is at the forefront of this sector. We are also pleased to be working with such an experienced management team, capable of rapidly deploying their technology in Chile and of opening a path to sustainable and clean energy independence while promoting local job growth.”

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