June 15, 2011

PetroAlgae and Suriname Ministry of Natural Resources Sign Master Framework and Initial License Agreement to Begin Open Growth Bioreactor for Renewable Fuels and Protein

PetroAlgae Inc. and its operating company PA LLC, a leading renewable energy company that licenses its commercial micro-crop technology globally, today announced that it has finalized a Master Framework and Initial License Agreement with the Ministry of Natural Resources for the Republic of Suriname (Ministry), Staatsolie Maatschappij Suriname N.V. (Staatsolie), and N.V. Verenigde Cultuur Maatschappijen (N.V. VCM) for the phased construction and operation of a commercial-scale, PetroAlgae farm for the production of renewable fuel and protein. Planning and funding for the initial phase is underway utilizing PetroAlgae’s micro-crop system and licensed technology.

Under the agreement, Staatsolie will serve as the lead coordinator for the Ministry, while N.V. VCM and Staatsolie will be responsible for construction and operation of the project. PetroAlgae will contribute the use and limited license to certain of its PA intellectual property and technology as well as supporting services and quality assurance.

“The Ministry is continuously evaluating clean renewable fuel and food production and is very pleased to be working with the PetroAlgae team, the Staatsolie organization and N.V. VCM on this important initiative,” said Mr. Jim Hok, Minister of Resources for the Ministry of Natural Resources for the Republic of Suriname. “We are very excited about the prospects of this partnership for building a new profitable industry that is consistent with maintaining our pristine environment and with our commitment to create green jobs in Suriname. We see this initiative with PetroAlgae as an example of Suriname's growing leadership position in the region.”

PetroAlgae’s micro-crop technology employs indigenous, non-algae, aquatic micro-crops suitable to local climates. It is designed to produce biomass at commercial scale and to enable its licensees to develop a cost-effective alternative to fossil fuels, as well as a high-value protein co-product, while absorbing carbon dioxide from greenhouse gas emissions.

“PetroAlgae is pleased to be partnering with the Suriname government, Staatsolie, and N.V. VCM as this represents a very strong team to license, build and operate a PetroAlgae production farm in Suriname,” said Dr. John Scott, Chairman of PetroAlgae. “We see tremendous opportunity for the clean production of renewable fuels as well as a new source of protein. The Ministry of Natural Resources and Staatsolie demonstrate a strong vision for the country as well as the region, and are not only highly diligent in their evaluation process but also efficient in their decision making process. Additionally, N.V. VCM has very strong operational and deployment competencies. We anticipate a highly productive relationship with the entire team.”

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