SOURCE: Solar Acquisition Corp

March 29, 2011 09:00 ET

Solar Acquisition Corp (SLRX) Finalizes Agreement With Global Natural Energy (GNE) to Form Renewable Energy Joint Venture for Production of Algae-Based Bio-Diesel

GNE-USA Will Have Exclusive US Rights to GNE's Breakthrough Technology

ANN ARBOR, MI--(Marketwire - March 29, 2011) - Solar Acquisition Corp. (OTCBB: SLRX) and Global Natural Energy (GNE) Cyprus Ltd today announced that they signed a definitive agreement to form a joint venture, GNE USA, to produce algae-based bio-diesel oil. The agreements include an exclusive license for GNE's full commercial turnkey algae systems both to build its own facilities to compete as a supplier for bio-diesel and to supply and build GNE algae system joint ventures with utility companies and state governments that want to create their own source of clean green diesel. 

The company explained that GNE's patented systems make algae-based bio-diesel more competitive than other plant based systems in several ways:

  • Biomass yields per acre can be three hundred times greater than conventional plant crops like corn or soybean
  • Microalgae are estimated to harvest every two days thus providing a continuous supply all year
  • The GNE system recycles waste water
  • GNE-USA farm sites are ideal for co-location with desalination facilities because we can supply algae that like high salt-water conditions
  • The GNE system anticipates a yield of a marketable edible protein product that can be used for both animal feed and human food products.

"Because of the high efficiency of the GNE system and the marketable by-products, we expect to be able to compete with crude petroleum-based oil even more so at today's market prices," said Bruce Levy, SLRX Director. "Unlike some alternative fuel sources, bio-diesel supports the current infrastructure of trucks, trains and power generation. Our output goes directly to conventional oil refineries and will produce high quality diesel. In addition algae-based systems do not disrupt the market pricing of human foods like corn and soybean."

The GNE patents and processes improve both the cost of growing the algae and reduce the costs of extracting the oil used for diesel fuel production. The 2011 Annual Outlook from the US Energy Information Agency fuel consumption model predicts that total US consumption of liquid fuels -- both fossil and bio-fuels -- will grow from 36 quadrillion Btu (18.8 million barrels per day) in 2009 to 41.8 quadrillion Btu (22.0 million barrels per day) in 2035.

"At GNE we are very proud to have the first full operational commercial algae for Bio-Diesel farm and processing center which showcase's GNE's turnkey Algae for Biodiesel systems," said Chaim Lieberman, CEO of GNE.

The companies also said that they are planning to staff the new subsidiary, taking advantage of their existing teams' engineering talent and years of experience in the algae farm and alternative energy markets.

GNE - Global Natural Energy Ltd is an algae-tech company that uses its patented breakthrough systems to grow algae for "Green" bio-diesel fuel, human food, pharmaceutical and neutraceutical products and animal feed. GNE is building a worldwide network of joint ventures developing turnkey algae farms and algae processing. For more information visit

Solar Acquisition Corporation (OTCBB: SLRX) is focused on commercializing renewable energy technology. The scope of SLRX's interest includes Solar PV, Wind, Fuel Cell, and Geothermal in addition to research and development into innovative renewable energy solutions. Currently SLRX is in the process of developing a portfolio of intellectual assets, patents and companies. For more information visit

Statements made in this news release that relate to future plans, events or performance are forward-looking statements. Any statement containing words such as "believes," "soon," "anticipates," "plans," or "expects," and other statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties including the ability of the company to develop an algae business, raise the necessary funds if needed, the ability of Solar Acquisition and GNE to develop a meaningful business from any of its activities, or sell alternative energy products at a profit.  Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements. Reference is made to the Company's filings with the Securities and Exchange Commission for a more complete discussion. 

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