VANCOUVER, British Columbia--(BUSINESS WIRE)--Dynamotive Energy Systems Corporation (Pink Sheets: DYMTF) announced today that GE joined the Consortium established to develop bio fuels in Australia. Full release by GE follows:
GE joins consortium to develop Australian aviation biofuel
Sydney, Australia – 1 September, 2011 - GE (NYSE:GE) today announced that it has joined Virgin Australia and a consortium of other partners to research and develop commercial biofuel for the aviation industry. The consortium will focus on pyrolytic conversion of biomass from mallee eucalypt trees and intend to have a pilot biofuel production unit operating in Australia by 2012.
The agreement comes as the aviation industry puts added focus on carbon emissions as it becomes covered by emissions trading schemes around the world. As part of GE’s ecomagination initiative, the company is already leading the way in the development of fuel efficient jet engines within its sustainable transport portfolio; the development of biofuels is a natural extension of this.
Ben Waters, Director of ecomagination, GE Australia and New Zealand said: “Innovation and creativity will play enormous roles as part of the transition to a low carbon future. We already invest a huge amount in the development of more efficient and alternative energy sources in the aviation industry and beyond, and we hope to bring a huge amount of knowledge to this partnership.”
A recent CSIRO report estimated that the aviation industry could cut greenhouse gas emissions by 17%, generate more than 12,000 jobs and reduce Australia’s reliance on aviation fuel imports by $2 billion per annum over the next 20 years through the adoption of biofuels1,
1 http://www.csiro.au/files/files/p10rv.pdf
The consortium includes Renewable Oil Corporation, the Future Farm Industries CRC, and Canadian biofuels company Dynamotive Energy Systems Corporation alongside Virgin Australia and now GE.
As well as the development of the fuels, GE will assist with the certification process. Before being approved for commercial use, new fuels undergo rigorous tests in laboratories, on engine test rigs and then in carefully monitored non-commercial flights.
About GE
GE (NYSE: GE) is an advanced technology, services and finance company taking on the world’s toughest challenges. Dedicated to innovation in energy, health, transportation and infrastructure, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's web site at www.ge.com/au.
About Virgin Australia
Virgin Australia group of airlines (ASX: VBA), formerly the Virgin Blue group of airlines, was launched in 2000 as the first sustainable low-fare airline in Australian skies. Today the group employs over 7,000 people and includes multi-award winning domestic airline Virgin Australia (formerly Virgin Blue); international long-haul airline V Australia; international subsidiary airline Pacific Blue; and Polynesian Blue, a joint venture airline with the Government of Samoa. Virgin Australia is currently in the process of re-launching its domestic and short-haul international product, and both V Australia and Pacific Blue airlines will operate as Virgin Australia by the end of 2011.
Virgin Australia operates a fleet of 89 modern Boeing 737, 777 and Embraer E-Jet aircraft flying to 32 Australian and 16 international destinations including the USA, UAE, New Zealand, Indonesia, Thailand, Papua New Guinea, Fiji, Samoa, Tonga, Vanuatu and the Cook Islands.
About Dynamotive Energy Systems Corporation
Dynamotive Energy Systems Corporation is an energy solutions provider headquartered in Vancouver, Canada, with offices in the USA and Argentina. Its carbon/greenhouse gas neutral fast pyrolysis technology uses medium temperatures and oxygen-less conditions to turn dry, waste cellulosic biomass into BioOil for power and heat generation. BioOil can be further converted into vehicle fuels and chemicals.
Dynamotive has currently a co-operation agreement with IFP Energies Nouvelles on upgrading and the parties are in exclusive negotiations for the commercial development of this process.
About Renewable Oil Corporation
Renewable Oil Corporation Pty Ltd (ROC ) is an Australian company established to develop pyrolysis projects in this region. It has an exclusive technology licensing agreement with Dynamotive and works closely with Dynamotive and its partners. ROC’s board includes award-winning Australian engineering personnel as well as the CEO of Dynamotive and Australian experts in corporate governance and legal and financial issues. ROC is a private company funded by Australian and overseas investors.
About Future Farm Industries Co-operative Research Centre
Future Farm Industries is an incorporated, national joint venture of southern Australia’s leading agricultural R&D organisations which is working on a range of profitable and sustainable farming systems and technologies to assist livestock and crop producers adapt to climate change. Under its ‘energy tree cropping’ initiative, it draws on the resources and expertise of the WA Departments of Environment and Conservation, and Agriculture and Food, and CSIRO to undertake the necessary R&D for on-farm mallee production. Toowoomba-based Biosystems Engineering is FFI CRC’s partner developing the mallee harvester and biomass supply chain technologies.
http://www.futurefarmonline.com.au
Forward Looking Information
Statements in this news release concerning the company’s business outlook or future economic performance; including the anticipation of future plant start-ups, partnerships, consortiums, teaming agreements, government assistance, other anticipated cash receipts, revenues, expenses, or other financial items; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are “forward-looking statements”. Forward-looking statements are by their nature subject to risks, uncertainties and other factors which could cause actual results to differ materially from those stored in such statements. Such risks, uncertainties and factors include, but are not limited to, changes in energy prices, availability of capital, and the company’s ability to access capital on acceptable terms or any terms at all, changes and delays in project development plans and schedules, customer and partner acceptance of new projects, changes in input pricing, competing alternative energy technologies, government policies and general economic conditions. These risks are generally outlined in the company’s 20F and other disclosure filings with the Securities and Exchange Commission.