|
Latest
News
February 10, 2009
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 10, 2009) - SOLARVEST BIOENERGY INC. (TSX VENTURE:SVS) ("Solarvest" or the "Company"), a renewable energy company committed to the development of sustainable alternative energy sources, is pleased to announce that it has been selected for an Atlantic Innovation Fund ("AIF") award. The award entitles Solarvest to receive up to $1.9 million in funding. Solarvest's AIF project involves using its technology to grow algae and extract oils for the burgeoning natural oils market.
Oils - lipids and their fatty acid derivatives - are an important part of human and animal nutrition and the use of natural oils for nutraceutical applications is growing worldwide. Many of the natural oils that are currently in use are from seed plants or animals. Recent interest in using these oils as fuels, or dwindling supplies (such as fish oils), are driving the prices of these natural oils ever higher. New oil sources and less expensive production practices are needed to ensure a global supply. Algae are an extremely diverse group and provide a rich source of common and unique oils for the biofuels and nutracuetical markets.
Solarvest BioEnergy's team has demonstrated expertise in the manipulation of algae and microorganisms for industrial applications including experience with growing algae and bacteria at large scale, and experience with scaling up new technologies from the laboratory to full commercialization. As such, the company is well-positioned to deploy its skills in the development of biologically-based renewable energy. Algae have several advantages that make it the logical choice upon which to establish a renewable energy program. Algal ponds for biomass do not require arable land and can produce more fuel per acre than crop based sources. The development of biodiesel from algal oils will complement the company's progressive program for producing hydrogen from algae, another promising biofuel.
In addition, the company has the capability to produce higher value oils for surfactants, cosmetics and nutrients. For example, oils are a significant component of aquafeeds. Oils from fish have been the primary source of the oils used in aquafeeds primary because they can provide the essential fatty acids required for fish growth and development. This trend has contributed to the upwardly spiraling demand - and price - for fish oils. Given tight supplies and expanding demand, aquaculture has had a strong incentive to find alternatives to fish oil. This situation creates a good potential market opportunity for algae oil, because algae oil contains many of the essential fatty acids found in fish oil.
This project, with total estimated costs of $3.3 million will receive up to $1.9 million from the Atlantic Innovation Fund over a four year period. Solarvest will be required to contribute up to $1.1 million, with the remaining acquired through various public funding programs.
"This is a tremendous opportunity for the company to expand its portfolio of algal products," explained Dr. Richard Wagner, President of Solarvest BioEnergy. "It will create new business opportunities and support the expansion of life sciences in Prince Edward Island and Nova Scotia. Both Provinces offer a tremendous pool of scientific talent and outstanding research institutions. We look forward to forging long term collaborations with the members and institutions of our research team. We are grateful to ACOA for selecting our project for funding."
This project will be conducted in Prince Edward Island and Nova Scotia and includes the following collaborators: The Prince Edward Island Food Technology Corporation, and Atlantic Veterinary College, both located in Charlottetown, PEI; and Dalhousie University and the National Research Council Institute for Marine BioSciences, both located in Halifax, Nova Scotia and Phylein, Inc., of Vero Beach, Florida.
|
