Blogs under tag GNESolar Acquisition Corp. Signs MOU With GNE to Form Bio-Fuel Subsidiary Posted by MiaFranceska on Tue February 08 2011 09:37:54 AM 2 |
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Solar Acquisition Corp. and Global Natural Energy (GNE) Cyprus Ltd today announced that they have signed a Memorandum of Understanding (MOU) to form a joint venture, GNE USA, to produce algae-based bio-diesel oil. Management expects the full commercial and technology agreements will be closed within sixty days. "GNE-USA will come out of the gate with a strong competitive advantage in its exclusive right to the GNE patented technology," said Bruce Levy, SLRX director. "We expect GNE-USA to have high volumes and low costs driven by this technology." GNE-USA will use GNE's patented algae growing systems to produce bio-diesel oil. "After 10 years of research, GNE has achieved the first commercially viable algae systems for bio-fuel," said GNE CEO Chaim Lieberman. The GNE systems both reduce the cost of growing the algae and significantly reduce the costs of extracting the oil used for diesel fuel production. Currently U.S. diesel consumption is estimated at 18.9 billion barrels a day. "Both the GNE system for growing algae and the process for extracting the bio-fuel are much more advanced than competing solutions," continues Chaim Lieberman. "We have developed and patented a significant improvement in the process of breaking down the molecules need for cost-effective and efficient fuel use." The companies also said that the new subsidiary will have the advantage of their existing management teams' engineering talent and years of experience in the algae farm and alternative energy markets. |
