Global Natural Energy, Solar Acquisition to Establish Joint Venture

Global Natural Energy (GNE) Cyprus and Solar Acquisition have inked a Memorandum of Understanding (MOU) to establish a joint venture named GNE USA to generate algae-based bio-diesel oil. The two managements anticipate that the complete technology and commercial deals will be concluded within 60 days.

GNE-USA will utilize the patented algae growing systems of Global Natural Energy to manufacture bio-diesel oil. The Chief Executive Officer at GNE, Chaim Lieberman, said that the company has conducted 10 years of extensive research for the development of the first commercially possible algae systems for bio-fuel.

The GNE systems decrease the expenditure involved in cultivating  algae as well as decrease the expenditure of extracting  the oil for diesel fuel manufacturing. The current estimated diesel consumption in the US is 18.9 billion barrels per day. Lieberman continued that the GNE systems for cultivating algae as well as for extracting the bio-fuel are more sophisticated than competitive systems. The company has developed and patented a major advancement in the method of cracking down the molecules required for economical and effective fuel application, he added.

The two companies further stated that the new joint venture would have the benefits of engineering expertise and vast experience of their management team in the algae farm as well as other alternative energy industries.