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Inventure Chemical and Seambiotic Enter Joint Venture to Build Commercial Algae to Biofuel Plant in Israel
Pilot Facility is Critical Step in Proving Large-Scale Viability of CO2 to Algae to Biofuel Sequestering Process.
June 18, 2008 (Seattle, WA) – Inventure Chemical has announced that it has entered into a joint venture with Seambiotic Ltd. (based in Tel Aviv, Israel) to construct a pilot commercial biofuel plant in Israel, using algae created from CO2 emissions as feedstock. The plant will utilize high-yield oil-rich algae strains that Seambiotic has developed and grown in its open pond system coupled with Inventure’s patent-pending conversion processes to produce ethanol, biodiesel and other value-added chemicals.
“This is a milestone for Inventure, and for the next generation of biofuels,” said Mark Tegen, Inventure’s chief executive officer and co-founder. “Seambiotic has been extremely successful in its algae-based CO2 sequestering project with Israeli Electric Corporation, which proves the viability of their model. Combining their algae production technology with our algae to biofuel conversion process will close the loop.”
“We reviewed many potential processes for converting our algae strains to biofuel,” said Prof. Ami Ben-Amotz, chief scientific adviser to Seambiotic. “In numerous tests we’ve conducted with Inventure at their Seattle plant, we’ve been consistently pleased with the quality of the biofuel resulting from their process. Inventure’s technology will enable us to maximize the biofuel yield from our algae.”
“Our joint venture with Inventure will illustrate not only the technological capabilities of our combined processes, but also the validity of the CO2 to algae to biofuel model as a means for coal-fired power generators to meet CO2 reduction mandates,” said Amnon Bechar, Seambiotic’s chief executive officer. “The biofuel that’s created from algae can be used in the power generator’s operations, or sold on the open market to create a new revenue stream. Either way, this model can pay for the infrastructure necessary to put in place.”
About Seambiotic
Seambiotic (www.seambiotic.com)
was founded in 2003 to grow and process marine microalgae using
a revolutionary ecologically based environmental system. Seambiotic's
technology and unique know-how can be profitably exploited in two
major areas: Biofuel and Omega 3 Oil. For the last five years,
the company has carried out an extensive R&D pilot study at
the Israeli Electric Corporation's power station near the city Ashkelon,
Israel. Throughout the study, new and advanced research methods
have been developed for cultivation of various species of marine
microalgae using the power station's CO2 emissions released directly
from their smokestacks and which pass through pipelines directly
to Seambiotic's open ponds. The pilot plant has yielded an
impressive concentration of algae containing a high percentage of lipids
and carbohydrates in a very short term, promoting the production
of bio-fuel. Seambiotic's patent technology efforts in cultivating
microalgae utilizing flue gas emissions from power plants is a great
step towards the reduction of air pollution and global warming.
About Inventure Chemical
Inventure Chemical (www.inventurechem.com)
was formed to develop and commercialize feedstock conversion technologies
for biofuel producers. The company is applying patent pending
processes to a variety of second generation feedstocks, including
algae and various cellulosic materials, to create biodiesel and
ethanol. By using these low-cost/high-yield feedstocks, biofuel
producers will be positioned to compete with petroleum fuel producers
on the free market, independent of any subsidies or mandates. The
company’s expertise includes both process conversion and plant
design/construction. Inventure currently operates a biodiesel and
ethanol R&D production site in Seattle, Washington where it
is currently producing biodiesel and ethanol from algae sourced
from various suppliers, including Seambiotic. Using algae
feedstock, the company has produced biodiesel that meets stringent
American Society for Testing and Materials (ASTM) standards. Inventure
is in the final stages of closing its second round of private financing.