Solarvest BioEnergy Inc.

Solarvest BioEnergy Inc.

June 24, 2010 12:41 ET

Solarvest Receives Funding From the P.E.I. Government's Discovery and Development Fund

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 24, 2010) - SOLARVEST BIOENERGY INC. (TSX VENTURE:SVS) ("Solarvest" or the "Company"), wishes to announce that Solarvest (P.E.I.) Inc., a wholly owned subsidiary of the Company, has received funding of $100,000 for one year from the Government of Prince Edward Island.  The aim of the funding is to engineer Solarvest's proprietary hydrogen producing strains of algae to express commercial products from the algal biomass while co-producing hydrogen. The Company will initially focus on one protein for the animal health industry and one enzyme that is presently used in biofuel production. The Company intends to exploit the novel characteristics of Solarvests' micro-algae in order to decrease the cost of production and expand the marketplace (e.g., veterinary use) for these products. Having the flexibility to produce high value proteins, as well as a carbon neutral sustainable energy source using the same biological production system, will diversify the risk associated with the Company and increase significantly the short-term revenue potentials.

"Solarvest is honoured to be one of 10 businesses across Prince Edward Island that Innovation PEI will invest in through the Discovery and Development Fund," says Gerri Greenham, CEO of Solarvest, "This funding will allow Solarvest to expand its research and, potentially, could lead to some exciting new discoveries."

Innovation PEI received 55 applications for the Discovery and Development Fund and has offered funding to the top 10 projects this round. The projects were evaluated by a peer review committee made up of members from various government departments, crown corporations, private business and academia.

About Solarvest: Solarvest is committed to the development of sustainable and renewable energy sources to meet growing energy demands and environmental challenges. Solarvest's intellectual property is a biologically-based hydrogen producing technology, which provides a method for controlling key genes in algae resulting in the continuous production of hydrogen gas. Solarvest's bio-energy production system utilizes light and carbon dioxide to produce hydrogen leaving a clean positive environmental footprint.

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.

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