May 4, 2009 (MARKET WIRE) Omaha, NE - Green Plains Renewable Energy, Inc. (NASDAQ: GPRE) and BioProcessAlgae LLC have executed a grant award agreement with the Iowa Office of Energy Independence for a $2.1 million research and development grant from the Iowa Power Fund to build an algae pilot project at Green Plains’ ethanol plant in Shenandoah, Iowa.
“Algae has the potential to become an important carbon sequestration solution, biofuel feedstock and feed product,” said Todd Becker, President and Chief Executive Officer of Green Plains. “If the pilot project is successful, BioProcessAlgae will move to expand the photobioreactor system to full commercial scale. We believe that this pilot project will be one of the first operational installations of a photobioreactor system at an industrial plant in the United Sates utilizing emerging technology out of the laboratory.”
The Iowa Power Fund grant provides matching funds to install a series of photobioreactor units at Green Plains’ Shenandoah ethanol plant. Water, heat and carbon dioxide will be recycled from the ethanol manufacturing process to support continuous algae production. The grant provides funding through the end of the first quarter of calendar year 2010 with installation of the pilot project expected in the third quarter of 2009.
“BioProcessAlgae and its technology partners have made significant progress in the engineering, design and development of photobioreactor systems for algae production,” said Kevin Lynch, Chief Executive Officer of BioProcessAlgae. “The project will give us the opportunity to test our systems on a larger scale. This is a very important step toward system commercialization of algae technology.”
“The Shenandoah algae project is an opportunity to help the environment, the ethanol industry and the Iowa economy,” Becker stated. “Green Plains is committed to the advancement of next generation technologies and we appreciate the vision and assistance of Iowa Governor Chet Culver and the Iowa Office of Energy Independence in the development of this project.”
BioProcessAlgae LLC is a joint venture between Green Plains, NTR plc (a significant shareholder of Green Plains), CLARCOR Inc. and BioProcessH20.
GPRE Press Release
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