PetroAlgae to construct commercial-scale farm

PetroAlgae Inc. has signed a license agreement with the Ministry of Natural Resources for the Republic of Suriname, along with Staatsolie Maatschappij Suriname N.V. and N.V. Verenigde Cultuur Maatschappijen, to build a commercial scale PetroAlgae farm.  The farm will produce renewable fuel and protein.  PetroAlgae will be undertaking the project in conjunction with its operating company PA LLC, a renewable energy company.  The project will use PetroAlgae’s micro crop system.  Staatsolie will be the lead coordinator and N.V. VCM and Staatsolie will be responsible for the building and operation of the project. PetroAlgae’s technology uses local aquatic micro crops to produce biomass on a commercial scale, allowing licensees to produce a cost-effective renewable fuel. (June 15, 2011)