Solarvest BioEnergy Inc.

Solarvest BioEnergy Inc.

November 16, 2010 17:00 ET

Federal Support Helps Solarvest PEI Inc. Pursue Emerging Biological Technologies

CHARLOTTETOWN, PRINCE EDWARD ISLAND--(Marketwire - Nov. 16, 2010) - 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.

Contact Information

  • Solarvest BioEnergy Inc.
    Gerri Greenham
    Chief Executive Officer
    416 420 0947
    ACOA PEI & Tourism
    Cindy Roy
    902 566 7569