PHOENIX & CAMBRIDGE, Mass.--(BUSINESS WIRE)--Nov. 30, 2006--Arizona Public Service Company (APS) and GreenFuel Technologies Corporation have announced that they have successfully recycled the carbon dioxide (CO2) from the stack gases of a power plant into transportation grade biofuels. The announcement was made at the Platts Global Energy Awards ceremonies today in New York. Using GreenFuel's Emissions-to-Biofuels(TM) algae bioreactor system connected to APS' 1,040 megawatt Redhawk power plant in Arlington, Ariz., GreenFuel was able to create a carbon-rich algal biomass with sufficient quality and concentration of oils and starch content to be converted into transportation-grade biodiesel and ethanol.

"This is the first time ever that algae biomass created on-site by direct connection to a commercial power plant has been successfully converted to both these biofuels," said Isaac Berzin, GreenFuel's founder and Chief Technology Officer. "The conversion and certification of the fuels were conducted by respected, independent laboratories."

GreenFuel's Emissions-to-Biofuels(TM) technology uses safe, naturally occurring algae to recycle carbon dioxide from the stack gases of power plants and other commercial sources of continuous CO2 emissions. At the Redhawk Power Plant, specially designed pipes captured and transported the CO2 emissions coming out of the stack. The gas was then transferred to specialized containers holding hungry algae. Algae are unicellular plants and, like all plants, they divide and grow using the process known as photosynthesis. In the presence of sunlight, algae consume CO2.

"We estimate that this process can absorb as much as 80 percent of CO2 emissions during the daytime at a natural gas fired power plant," said GreenFuel CEO Cary Bullock. "Unlike typical agricultural biofuel feedstocks such as soybeans or corn which have a limited harvest window, algae multiply every hour can be harvested every day."

GreenFuel and APS have been conducting a field assessment program over the past 18 months, and have moved into the next phase of study with the construction of an Engineering Scale Unit that will be completed in first quarter of 2007. "This project holds great promise as we look for ways to meet the energy needs of the second fastest growing state in the nation while maintaining a successful economy, quality lifestyle and healthy environment," said Ed Fox, APS' Vice President of Communications, Environment and Safety.

About Arizona Public Service Company

APS, Arizona's largest and longest-serving electricity utility, serves about 1 million customers in 11 of the state's 15 counties. With headquarters in Phoenix, APS is the largest subsidiary of Pinnacle West Capital Corp. (NYSE: PNW)

About GreenFuel Technologies Corporation

With more than a dozen pending patents, GreenFuel Technologies Corporation is the leading developer of systems for recycling rich CO2 streams from power and/or manufacturing plant flue gases to produce biofuels such as biodiesel, ethanol or methane. The company, which was founded in 2001, is headquartered in Cambridge, Massachusetts. For more information, visit www.greenfuelonline.com.

Copyright Business Wire 2006

GreenFuel Technologies Corporation

GreenFuel Technologies Corporation

With more than a dozen pending patents, GreenFuel Technologies Corporation is a recognized leader in the development of algae bioreactor systems that recycle carbon dioxide into clean renewable biofuels. GreenFuel Technologies Corporation is winner of both the "2006 Platts Global Energy Award for Energy Emission Project of the Year," and the "2006 Frost & Sullivan Innovation of the Year Award - Biofuels." Founded in 2001, the company is headquartered in Cambridge, Massachusetts. For more information, visit www.greenfuelonline.com.

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