6 November 2010
Charlottetown, Prince Edward Island
Charlottetown-based company, 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.
FOR BROADCAST USE:
Charlottetown-based company, Solarvest (PEI) 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.
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INFORMATION:
Cindy Roy
ACOA PEI & Tourism
902-566-7569
Gerri Greenham
Chief Executive Officer
Solarvest
416-420-0947
Email: ggreenham@solarvest.ca
