Can they make it happen? We'll see.
International Energy Developing New Technologies for the Production of Biofuels from Algae
Oct 02, 2007 - International Energy, Inc. - Press Release
VANCOUVER,
British Columbia--(BUSINESS WIRE)--International Energy, Inc.
(OTCBB:IENI), today announced that it has entered into a collaborative
research agreement for the development of new technologies for the
production of biofuels derived directly from the photosynthesis of
green microalgae, which can accumulate up to 30% of their biomass in
the form of valuable biofuels.
As a result of high oil prices, depleting fossil oil reserves and
growing concerns about increased levels of atmospheric carbon dioxide,
algae have emerged as one of the most promising sources for biofuel
production.
International Energy’s technology seeks to convert water and carbon
dioxide into useful long chain hydrocarbons from the photosynthesis of
unicellular microalgae, which offer advantages in the production,
storage, and utilization of renewable biofuels, as they can be
harvested easily, stored in liquid form and do not require special
containment systems.
The process of industrial scale algae growth in photo-bioreactors is
non-toxic and non-polluting, can be scaled up, offers a renewal energy
supply and aids in carbon sequestration and the mitigation of climate
change.
In contrast to food crops or cellulosic materials, certain algae
produce and accumulate oil naturally and can, in the process, clean up
waste by absorbing and utilizing nitrogen oxides and carbon dioxide.
Additionally, raw algae can be processed to make biofuel, the renewable
equivalent of petroleum, and refined to make gasoline, diesel, jet
fuel, and chemical feedstocks for plastics and drugs.
“Unlike ethanol from traditional fuel crops, such as corn and soybeans,
which require considerable time to grow, use large amounts of
herbicides and nitrogen fertilizers and consume just as much fossil
fuel as the ethanol itself replaces, algae can grow in wastewater, even
seawater, and requires little more than sunlight and carbon dioxide to
flourish,” states Mr. Harmel S. Rayat, a director of International
Energy.
Mr. Rayat continues, “While each acre of corn produces around 300
gallons of ethanol each year and an acre of soybeans around 60 gallons
of biodiesel, each acre of algae has been estimated to produce upwards
of 5,000 gallons of biofuel annually. Also, in contrast to corn or
soybeans, which are harvested once a year, algae grows considerably
faster and can be harvested every few days.”
Algae to Oil
Algae have the unique capability of taking a waste (zero-energy) form
of carbon (CO2) and converting it into a high-density liquid form of
energy (natural oil). Additionally, oil yields from algae are orders of
magnitude higher than traditional oilseeds. As a result, much research
has gone into using algae as a potential source of fuel and for the
biological mitigation of atmospheric CO2, including the $25 million
program funded by the DOE at the National Renewable Energy Laboratory
(“NREL”).
The NREL initiative, known as the Aquatic Species Program (“ASP”), was
aimed at producing biodiesel from high lipid-content algae grown in
ponds, utilizing waste CO2 from coal fired power plants.
After almost two decades (from 1978 to 1996), the ASP was terminated
after concluding that the requisite technology was not feasible at a
time when crude-oil prices were far too low for algae to compete. A
similar conclusion was reached in Japan, but only after $117 million
was spent in research.
Despite these early setbacks, current relatively high oil prices,
advances in genomic and proteomic technologies and the Bush
administration's increased emphasis on renewable fuels have created an
unprecedented opportunity for using algae as a potentially rich source
of biofuels.
In his State of the Union address, President Bush set a goal of
replacing 20 percent of gasoline consumption in the United States by
2017, mostly by producing 35 billion gallons of renewable fuels.
Currently, biofuels come from food crops, such as soybeans and corn,
and from cellulosic materials, such as wood chips, grass, and
cornstalks. Unfortunately, rising demand for food crops in order to
produce ethanol is driving prices for the food crops themselves, while
cellulosic materials require special processing methods, which have
been demonstrated at small plants but have yet to be proved
commercially.
In contrast to biofuels from food crops or cellulosic materials,
certain algae produce and accumulate oil naturally. As a result, algal
hydrocarbons can be utilized for not only bio-diesel fuel in internal
combustion engines, for heating or electricity generation, but also can
further serve as feedstock in the synthetic chemistry and
pharmaceutical industries. Portions of the remaining green algal
biomass can be utilized as feedstock in biodegradable polymers and for
vitamin rich animal feed.
ABOUT INTERNATIONAL ENERGY INC.
International Energy, Inc. (Symbol:IENI) is developing leading edge
technologies for the production of biofuels derived directly from the
photosynthesis of green microalgae, which can accumulate up to 30% of
their biomass in the form of valuable biofuels.
As a result of current high oil prices, depleting fossil oil reserves
and growing concerns about increased levels of atmospheric carbon
dioxide, algae have emerged as one of the most promising sources for
biofuel production.
Our technology seeks to convert water (H2O) and carbon dioxide (CO2)
into useful long-chain liquid hydrocarbons from the photosynthesis of
unicellular microalgae, which offer advantages in the production,
storage and utilization of renewable biofuels, as they can be harvested
easily, stored in liquid form and do not require special containment
systems.
The process of industrial scale algae growth in photo-bioreactors is
non-toxic and non-polluting, can be scaled-up, offers a renewable
energy supply, and aids in carbon sequestration and the mitigation of
climate change.
In contrast to biofuels from food crops or cellulosic materials,
certain algae produce and accumulate oil naturally and can in the
process clean up waste by absorbing and utilizing nitrogen oxides and
carbon dioxide. Additionally, raw algae can be processed to make
biofuel, the renewable equivalent of petroleum, and refined to make
gasoline, diesel, jet fuel, and chemical feedstocks for plastics and
drugs.
For additional information regarding International Energy Inc., please
call 1-800-676-1006 to speak with a shareholder representative.
Disclaimer
Certain statements set forth in this press release relate to
management's future plans, objectives and expectations. Such statements
are forward-looking within the meanings of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. All statements other than statements
of historical facts included in this press release, including, without
limitation, statements regarding the Company's future financial
position, potential resources, business strategy, budgets, projected
costs and plans and objectives of management for future operations, are
forward-looking statements. In addition, forward-looking statements
generally can be identified by the use of forward-looking terminology
such as "may," "will," "expect," "intend," "project," "estimate,"
"anticipate," "believe," or "continue" or the negative thereof or
similar terminology. Although any forward-looking statements contained
in this press release are to the knowledge or in the judgment of the
officers and directors of the Company, believed to be reasonable, there
can be no assurances that any of these expectations will prove correct
or that any of the actions that are planned will be taken.
Forward-looking statements involve known and unknown risks and
uncertainties that may cause the Company's actual performance and
financial results in future periods to differ materially from any
projection, estimate or forecasted result. Some of the key factors that
may cause actual results to vary from those the Company expects include
inherent uncertainties in interpreting engineering and reserve or
production data; operating hazards; delays or cancellations of drilling
operations because of weather and other natural and economic forces;
fluctuations in oil and natural gas prices in response to changes in
supply; competition from other companies with greater resources;
environmental and other government regulations; defects in title to
properties; increases in the Company's cost of borrowing or inability
or unavailability of capital resources to fund capital expenditures;
and other risks described the Company's most recent Form 10QSB and Form
10-KSB filed with the Securities and Exchange Commission, our quarterly
reports on Form 10-QSB and other current reports filed from
time-to-time with the Securities and Exchange Commission.
Contacts
International Energy, Inc.
Mr. Harmel S. Rayat
800-676-1006
www.internationalenergyinc.com
