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PSource Struct Debt (PSD)

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Tuesday 22 March, 2011

PSource Struct Debt

Portfolio Update

RNS Number : 3804D
PSource Structured Debt Limited
22 March 2011
 



 

 

22 March 2011

PSource Structured Debt Limited ("the Company")

PetroAlgae in catalyst partnership agreement

 

PSource Structured Debt Limited (LSE: PSD, the "Company"), the London listed fund investing in senior secured debt and equity warrants predominantly issued by US based small-cap companies, announces that PetroAlgae Inc, its largest holding, has made an announcement regarding the entering into of a partnership agreement with Haldor Topsoe, a leading global catalyst technology company. The text of the PetroAlgae announcement is set out below:

 

PETROALGAE PARTNERS WITH HALDOR TOPSOE FOR RENEWABLE FUELS BASED ON BIOMASS

Finalizes Cooperation Agreement with Leading Global Catalyst and Technology Company to Upgrade PetroAlgae's Biomass to Renewable Fuels

 

MELBOURNE, FL - March 21, 2011-PetroAlgae Inc. (OTCPK: PALG), a leading renewable energy company that licenses its commercial micro-crop technology globally, today announced that it has entered into an agreement with Haldor Topsoe A/S and its U.S. subsidiary, Haldor Topsoe, Inc. to provide technology and catalysts to upgrade oils produced from PetroAlgae's biomass through refinery coking processes and pyrolysis into drop-in renewable

fuels, including diesel and jet fuels.

 

Haldor Topsoe is a leading global catalyst and technology company focused on the refining industry, petrochemical industry and the power industries. PetroAlgae's micro-crop technology employs indigenous, aquatic micro-organisms suitable to local climates and is designed to enable its licensees to produce an alternative to fossil fuels as well as a high-value protein co-product, while absorbing carbon dioxide from the atmosphere. Under the agreement, the two companies will work together to apply Haldor Topsoe catalysts, equipment, and licensed technology to upgrade oils derived from PetroAlgae's biocrude.

 

"We are very excited to be working with Haldor Topsoe to further validate the commercial viability of our micro-crop biomass for use in refinery cokers and the production of a drop in renewable fuel," said Dr. John Scott, Chairman of PetroAlgae. "They have extensive hydroprocessing research and development expertise from both a catalyst and a technology design standpoint and we see this agreement as just the beginning of a relationship that will help us realize the promise of our biomass as a clean and environmentally sustainable alternative to fossil fuels."

 

"We look forward to taking this important step with PetroAlgae toward producing renewable fuels," said Niels Sorensen Chief Executive Officer of Haldor Topsoe A/S "PetroAlgae is a leader in developing technology to produce biomass at a large commercial scale, which enables them to be cost competitive with traditional fossil fuels. Haldor Topsoe is committed to renewable fuels and we are excited about implementing projects that will help reach the goals set for renewable fuels all around the world."

 

 

For further information, please contact:

PSource Capital Limited

Soondra Appavoo

+44 20 7925 3156


This information is provided by RNS
The company news service from the London Stock Exchange
 
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