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FOR IMMEDIATE RELEASE
PALMER LABS AWARDED U.S. DEPARTMENT OF ENERGY FUNDING FOR ALGAE BIOFUEL RESEARCH
Durham, NC company is member of consortium awarded $44 million to turn
algae into renewable energy
Durham, NC January 14, 2010 – U.S. Department of Energy (DOE) Secretary Steven Chu announced Wednesday the award of $44 million in federal stimulus funds to The National Alliance for Advanced Biofuels and Bioproducts (NAABB), a consortium including Palmer Labs, LLC, of Durham, NC.
The DOE funds will support enhanced research by Palmer Labs of its patent-pending algae technology addressing both energy and nutritional applications. "Our goal is highly focused," said Dr. Miles Palmer, company president. "We take the biggest problems—currently in energy and food resources—and find cheaper and better solutions through innovative combinations of proven technologies. The DOE stimulus funds provide timely support of this pressing goal to us and our consortium partners."
"We are very excited about this announcement," said N.C. Department of Commerce Secretary J. Keith Crisco. "Palmer Labs is a great example of the innovation and creativity that are driving North Carolina's future, especially in the energy/green jobs sector, which Governor Perdue has emphasized as one of her top priorities for economic development."
"North Carolina is fortunate to have Palmer Labs consolidating its business here," said Lanty Smith, Chairman of Tippet Capital. "It is precisely the kind of firm which North Carolina needs to attract in today's business climate. They have reached out to take on-board some of the best and brightest local talent and to make an important impact on the development of new technologies in the Research Triangle."
Researchers at Palmer Labs are developing innovative methods for harnessing algae to "close the carbon cycle," said Bill Brown, Chairman of Palmer Labs and Duke Law School faculty member. "Our unique approach to algae will help provide a solution to the problem of CO2 emissions and, at the same time, provide algae for both food and energy production."
Palmer Labs engineers are also designing and testing systems to burn algae to make renewable electricity. "This power system allows us to use algae to turn sunlight—the ultimate renewable resource—into electricity," said Dr. Palmer. "Our system is designed to use biomass, natural gas or coal while capturing virtually all the CO2 emissions at a cost lower than present commercial systems."
"We formed Palmer Labs to help address many of the world's problems," said Prof. Brown. "As we have seen with the recent U.N. Climate Change Conference in Copenhagen, policy makers are struggling to devise the solutions to the environmental challenges that engulf us. We believe that technology both delivers and is a powerful, democratizing force."
DOE announcement: http://www.energy.gov/news2009/8519.htm
For more information, please call 919-667-1800.
About Palmer Labs
Palmer Labs, LLC (www.palmerlabs.com) provides innovative scientists and technologists with the resources to transform their ideas into realizable applications in the marketplace. Palmer Labs focuses on technologies and innovations that address the critical challenges of our complex world. Palmer Labs focuses on solutions with positive environmental impacts including reduced fuel consumption, emissions, and greenhouse gases. Palmer Labs is an affiliate of 8 Rivers Capital, LLC (www.8riverscapital.com).
National Alliance for Advanced Biofuels and Bioproducts (NAABB) - Led by the Donald Danforth Plant Science Center (St. Louis, MO), NAABB will develop a systems approach for sustainable commercialization of algal biofuel (such as renewable gasoline, diesel, and jet fuel) and bioproducts. NAABB will integrate resources from companies, universities, and national laboratories to overcome the critical barriers of cost, resource use and efficiency, greenhouse gas emissions, and commercial viability. It will develop and demonstrate the science and technology necessary to significantly increase production of algal biomass and lipids, efficiently harvest and extract algae and algal products, and establish valuable certified co-products that scale with renewable fuel production. Co-products include animal feed, industrial feedstocks, and additional energy generation. Multiple test sites will cover diverse environmental regions to facilitate broad deployment.
8 Rivers Capital, LLC where new ideas come to market
700 West Main Street, Suite 108
Durham, NC 27701
Howie Rhee, MBA
Managing Director, Center for Entrepreneurship and Innovation
Fuqua School of Business, Duke University
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