Federal Support Helps Solarvest PEI Inc. Pursue Emerging Biological Technologies
November 16 2010 - 5:00PM
Marketwired
SOLARVEST BIOENERGY INC. (TSX VENTURE: SVS) is pleased to announce
that its Charlottetown-based subsidiary, Solarvest (PEI) Inc., is
pursuing an innovative, new source of renewable energy by
generating hydrogen through algae production with the support of
more than $377, 000 from the federal government.
The Honourable Keith Ashfield, Minister of National Revenue,
Minister for the Atlantic Canada Opportunities Agency (ACOA), and
Mr. Michael McDougall, Team Engineering Lead at Solarvest (PEI)
Inc., met today in Charlottetown to announce funding details and
tour the Solarvest facility.
"Our Government is committed to initiatives that support our
small- and medium-sized business community and continue to fuel the
growth of an innovative economy on Prince Edward Island," said
Minister Ashfield. "This investment supports Solarvest's innovative
research into the development of a unique renewable energy
resource."
Solarvest has proprietary technology that, for the first time,
enables algae to produce hydrogen in a continuous cycle in a single
vessel. It has the potential to produce more hydrogen than existing
systems. Solarvest's goal is to further develop and scale up its
algal-based, "green" system for commercial hydrogen production. The
hydrogen could be used as a "gas" or used on algae farms to produce
electricity.
"The support of the Federal Government through programs like the
ACOA Business Development Program has enabled us to pursue this
extremely exciting renewable energy opportunity, which may have
otherwise been impossible," said Mr. McDougall. "In order to reduce
our dependence on oil, we must develop a sustainable substitute,
and have the time to implement it."
The Government of Canada is investing $377,927 in this research
and development project through ACOA's Business Development
Program. Solarvest (PEI) Inc. is investing over $235,000.
About Solarvest: Charlottetown-based company, Solarvest (PEI)
Inc., a wholly owned subsidiary of Solarvest BioEnergy Inc., is
pursuing an innovative, new source of renewable energy by
generating hydrogen through algae production. ACOA is investing
more than 377,900 dollars in the innovative project. ACOA Minister
Keith Ashfield and Michael McDougall, Team Engineering Lead at
Solarvest (PEI) Inc., made the announcement today. Solarvest is
committed to the development of sustainable and renewable energy
sources to meet growing energy demands and environmental
challenges.
The statements made in this news release may contain
forward-looking statements that may involve a number of risks and
uncertainties. Actual events or results could differ materially
from the Company's expectations and projections.
The TSX Venture Exchange has neither approved nor disapproved
the contents of this news release. Neither TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Contacts: Solarvest BioEnergy Inc. Gerri Greenham Chief
Executive Officer 416 420 0947 ggreenham@solarvest.ca ACOA PEI
& Tourism Cindy Roy 902 566 7569
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