India’s Largest Company enters ‘Oil to Algae’

PetroAlgae Announces Strategic Partnership With Indian Oil Corporation Limited

PetroAlgae Inc. (OTCBulletin Board: PALG) (PetroAlgae or the Company) today announced that PA LLC, a Delaware limited liability company that is PetroAlgae’s operating subsidiary has signed a Memorandum of Understanding (MoU) to enter into an agreement to license the Company’s proprietary micro-crop technology to Indian Oil Corporation Limited (IOCL) for its future large-scale production of renewable fuels.

Under the terms of the MoU and the license agreement to be completed, IOCL will build a pilot facility to demonstrate the commercial viability of producing renewable fuels from micro-crops. Upon achieving success, the pilot facility is expected to lead to the completion of a licensed unit for large-scale production of renewable fuels by IOCL.

IOCL publicly issued the following information on the partnership announcement:

IndianOil signs MoU with PA LLC of Florida

IndianOil signed a Memorandum of Understanding (MoU) with PA LLC of Florida to collaborate on biodiesel production from micro-algae on October 16, 2009.

The MoU was signed by Mr. B. M. Bansal, Director (P&BD) and Mr. Ottmar Dippold, CEO, PetroAlgae LLC. Fred Tennant, Executive Vice President, and Adam Wolfe, Financial Analyst, Mr. Anand Kumar, Director (R&D), were also present.

Together with PA LLC, IndianOil, will pioneer the commercial bio-diesel production from algae. IndianOil and PA LLC, initially will collaborate on adapting the algal strains and technology developed by PA LLC to suit Indian conditions. Thereafter, a pilot facility is proposed to demonstrate the
commercial viability of the technology. A commercial production facility with a capacity of 200,000 TPA of bio-diesel is proposed in the near future, along with a high-value protein that can be used as feedstock for animal feed production as a by-product.

IndianOil has been exploring commercial ventures in all form of alternate energy including, solar, wind and bio-fuels. Significant progress has been made by the Corporation in energy crop plantation. Over 850 ha of jatropha plantation has already been completed in Madhya Pradesh and Chhattisgarh.
During the next season, almost 40,000 ha of plantation is proposed to be completed along with commercial marketing of bio-diesel through IndianOil-CREDA Biofuels Limited.

About PetroAlgae Inc.

PetroAlgae (OTCBB: PALG) expects to be the first renewable energy company to commercialize a system that enables the production of a drop-in replacement for fossil fuels. The company’s globally scalable micro-crop technology produces a cost-effective alternative to fossil fuels as well as a high quality protein co-product, while absorbing carbon dioxide from greenhouse gas emissions. The green fuels produced are functionally compatible with petroleum-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 wide variety of micro-organisms suited to local climates, ensuring maximum growth rates. The Florida-based company has established first-mover advantage in the micro-crop to fuels industry and offers a path to sustainable and clean energy independence while promoting local job growth.

About Indian Oil Corporation Ltd.

Indian Oil Corporation Ltd. (Indian Oil) is currently India’s largest company by sales with a turnover of Rs. 285,337 crore and profit of Rs. 2,950 crore for fiscal 2008-09. Indian Oil is also the highest ranked Indian company in the prestigious Fortune ‘Global 500’ listing, having moved up 19 places to the
116th position in 2008. It is also the 18th largest petroleum company in the world. Indian Oil’s vision is driven by a group of dynamic leaders who have made it a name to reckon with. The Corporation is celebrating the year 2009 as its golden jubilee year.

Source : http://www.blogger.com/post edit.g?blogID=8385526361491601877&postID=6488620191538524474

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3 Responses

  1. Job opportunities are also going to increase in this field. It 'll prove to be profiting for all.

  2. Rightly said Veron !This is opening the flood gates for Oil to Algae in India and the Asia pacific zone.Now there are going to be lots of activity in this area. It makes sense for IOL to team up with Petroalgae given the lead that Petroalgae has in this field. What is yet to be seen is if the strains developed by Petroalgae will suit Indian climatic conditions.

  3. Micro-crops are the world’s only truly scalable, sustainable and carbon-neutral petroleum alternative. Micro-crops produce yields 25x to 100x more productive than macro-crops such as corn, soy and sugar cane that are used to produce ethanol and biodiesel. Micro-crops can be grown on non-arable land, removing competition with the food supply, a significant issue facing macro-crops. Micro-crop fuels are carbon-neutral, consuming nearly double their own weight in CO2. The PetroAlgae system recycles 98 percent of the water used to grow micro-crops, a significant environmental benefit over both macro-crops and petroleum, which requires vast amounts of water in the drilling and extraction process.This ability to use non arable land, 98 % recyclability of water would have attracted Indian Oil to team up with Petroalgae !

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