HR Biopetroleum Plans to Take Over Cellana
HR BioPetroleum Inc. has announced that it will buy out its partner in an algae-to-energy venture in Kona.
Cellana’s first commercial project will be a biofuel plant that the company plans to build next to Maui Electric Co.’s Maalaea Power Plant. Biodiesel made from algae at the Cellana facility will be burned at the plant to generate electricity.
HR BioPetroleum and Royal Dutch Shell PLC formed the joint venture called Cellana in 2007 to build and operate a demonstration facility to grow marine algae and produce vegetable oil for conversion into biofuel. When the deal closes at the end of the month HR BioPetroleum will become the sole owner of Cellana, including its six-acre facility in Kona.
Shell will provide short-term funding to HRBP as part of the transition.
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