Algenol proves, once again, to be a global leader in the commercialization of advanced biofuels from CO2, as the company joins the U.S. Secretary of Energy Ernest Moniz and the U.S. Secretary of Commerce Penny Pritzker on a business development mission to China. The 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 Co., 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 emission while creating economic opportunities,” said Moniz said.
Algenol’s goal for this mission is to offer Chinese government officials and private business 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 Chinas 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 percent reduction in carbon footprint compared to gasoline and diesel.
Algenol has proven that its technology can be successfully colocated 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 metric tons 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 greenhouse emissions from carbon dioxide, similar to what Algenol would hope to accomplish in China.
“We feel like Algenol can make a real difference around the world,” said CEO Paul Woods. “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.”
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