CAMBRIDGE, Mass.--(BUSINESS WIRE)--Jan. 11, 2007--Greenfuel Technologies Corporation, a leader in the development of algae bioreactor technology for recycling CO2 in flue gases into clean, renewable biofuels, announced that it has signed a strategic alliance agreement with IGV, a private industrial research institute headquartered in Pottsdam, Germany. IGV is a pioneer in micro-algae research and production with more than 80 commercial technology deployments worldwide. The announcement was made today in Pottsdam at a special signing ceremony attended by several Brandenburg government ministers and other high-ranking German dignitaries of science, industry and politics.

Under the terms of the agreement, GreenFuel and IGV will share proprietary algae bioreactor technology in an effort to accelerate the commercialization of biofuel production from recycled carbon dioxide in power plant flue gas emissions. GreenFuel and IGV will also pursue commercial opportunities together in Europe. Once in commercial production, the GreenFuel Emissions-to-Biofuels(TM) process will allow power plants to significantly reduce carbon dioxide emissions, generate carbon credits, and produce clean, renewable biofuels.

Algae are unicellular plants and, like all plants, they divide and grow using the process known as photosynthesis. GreenFuel estimates that its Emissions-to-Biofuels(TM) process can absorb a significant percentage of a power plant's CO2 emissions during the daytime. Unlike typical agricultural biofuel feedstocks, such as soybeans or corn which have a limited harvest window, algae multiply every hour and can be harvested every day. Algae can also be grown on poor quality land with non-potable water, so they don't compete for land suitable for food crops. The carbon-enriched algae contain lipid oils and starches that can be converted into biodiesel and ethanol for transportation fuels. The residual protein can be used for animal feed and nutritional supplements. GreenFuel is currently involved in a number of Emissions-to-Biofuels(TM) pilot projects in the USA, Australia, Europe, and South Africa.

"We are extremely impressed with the knowledge, experience and professionalism of the entire IGV organization," said Cary Bullock, CEO of GreenFuel Technologies Corporation. "We believe that IGV will be a valuable and strategic partner in our efforts to bring our
Emissions-to-Biofuels(TM) algal bioreactor systems into full-scale commercial production at a number of locations around the world."

About 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.

Copyright Business Wire 2007

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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