PetroAlgae Inc., a leading alternative energy company that licenses a commercial micro-crop technology system to produce clean fuel and food in an environmentally sustainable manner, recently announced that it has signed a memorandum of understanding with Foster Wheeler AG’s (NASDAQ: FWLT) Global Engineering and Construction Group. This agreement calls for engineering services to be performed in conjunction with PetroAlgae’s micro-crop biomass technology.
PetroAlgae’s globally scalable technology produces high-value protein as a cost-effective alternative to fossil fuels, while absorbing carbon dioxide from greenhouse gas emissions. The two companies will collaborate to develop commercial solutions that will allow existing oil refineries to convert micro-crop biomass into fuels that are functionally compatible with petroleum-based fuels, creating end-to-end market solutions for the large-scale production of green gasoline, diesel, jet fuel and specialty chemicals.
Commenting on the partnership, Dr. John Scott, chairman of PetroAlgae, stated, “Foster Wheeler’s engineering and refining expertise coupled with our commercial scale biomass technology will provide an opportunity to create end-to-end market solutions for optimizing the conversion of large quantities of biomass into large quantities of green fuels.” Dr. Scott continued, “Through this partnership, we expect to further optimize our fuel and petroleum replacement output, more rapidly integrate with current refinery systems and realize the benefit of Foster Wheeler’s ability to bring innovation to the process. These solutions offer the promise of transforming sunlight into fuels, thereby providing countries around the world with yet another option on the path to sustainable and clean energy independence.”