SRRY - .35
Algal Fuels Consortium (AFC) won $2.724M in Australia Government's Development
Grant
Aug. 20, 2009
Business Editors/Energy Editors
SHANGHAI--(BUSINESS WIRE)--Aug. 20, 2009--Sancon Resources Recovery Inc.
(OTCBB:SRRY) (or "Sancon"), a rapidly growing environmental services and waste
recycling company with operations in both China and Australia, announced today
that Algal Fuels Consortium (AFC) has been successful in winning a research
grant of $2.724M under the Department of Resources Energy and Tourism's Second
Generation Biofuels program in Australia. Sancon is the founding commercial
partner to the AFC and has the right to commercialize the technology for China.
AFC comprises the Sancon Recycling Pty Ltd (a wholly owned subsidiary of
Sancon Resources Recovery Inc.), Government of South Australia, South
Australian Research & Development Institute (SARDI), Flinders University,
Commonwealth Scientific Industrial Research Organization (CSIRO), and Flinders
Partners. AFC is developing microalgal mass cultivation systems to generate
biomass from Captured CO2 emissions. This will be used as a feedstock to a
pilot-scale second generation biorefinery for sustainable production of
transport fuels and value added products.
The Chair of the Algal Fuels Consortium, Assoc. Prof Rob Thomas says, "This
truly collaborative research project will produce biomass from native strains
of microalgae, from which biodiesel will be produced on a scale that is
commercially viable. At the same time, the project will produce high value
by-products including Omega-3 fatty acids, bioactive peptides and carotenoids
used by the nutraceutical industry." The South Australian Minister for
Agriculture, Food and Fisheries, Paul Caica, congratulated the consortium for
the significant funding announcement. He said that "South Australia aims to be
a leader in renewable energy industries and this initiative strengthens that
objective." The Australian Government funding will support the construction of
0.4 ha of raceway ponds on Torrens Island adjacent to the gas fired power
stations. This will be one of the largest research biorefineries in Australia
with the potential to be scaled up to 15 ha. This is a complex project and
needs access to a range of skilled researchers. The AFC has access to 70
researchers with expertise in algal culture, post combustion carbon capture,
harvesting and dewatering, extraction and bioprocessing. The project will
enable AFC to showcase this national capability to international investors for
commercial uptake.
Microalgae have the potential to produce up to 10 times the volume of
biofuels in comparison to traditional oilseed crops grown on the same land
footprint. But unlike oilseed crops, microalgae can use non-arable land and
seawater. This would result in major economic and social benefits. Most
importantly, carbon dioxide is fixed by the microalgae as it grows, thus
helping us recycle our carbon emissions.
This innovative renewable energy project is a major step forward from the
small scale research conducted to date by the AFC partners. Under this project,
the consortium partners will improve native microalgal strains to be grown in
ponds optimized for productivity, with carbon and nutrient delivery. The AFC
will also develop low cost and efficient harvesting, dewatering, and oil
extraction technologies and perform subsequent bioprocessing to produce high
value co-products alongside biodiesel. The AFC will also undertake economic and
life cycle analysis during this project in order to support a full commercial
venture. The AFC has already attracted interest from a number of major
international companies looking to develop large scale renewable energy
technologies from microalgae.
Mr. Jack Chen, CEO of Sancon said: "The long term strategy of Sancon's
involvement and support of AFC has always been to enhance the commercialization
of the technology by becoming a leader in the production of biofuels, which
will not require agricultural land, based on AFC's algae biotechnology. A step
forward from this involvement will provide opportunities to improve China's
river and shoreline environments utilizing Sancon's current China
infrastructure. By just replacing a fraction of China's mineral diesel with
biodiesel produced from microalgae would generate a turnover of around of
billions of dollars, create around thousands direct new jobs and bring about a
reduction of millions tones of fossil carbon dioxide emissions."
About Sancon Resources Recovery Inc
The existing core business of Sancon Resources Recovery Inc. is to provide
environmental and waste recycling services in China and Australia. Sancon's
operations are fully licensed by the Chinese government and certified to
ISO9001 and ISO14001 standards. For more information please visit:
www.sanconinc.com.
Forward-looking statements:
The statements made in this press release, which are not historical facts,
may contain certain forward-looking statements concerning potential
developments affecting the business, prospects, financial condition and other
aspects of the company to which this release pertains. The actual results of
the specific items described in this release, and the company's operations
generally, may differ materially from what is projected in such forward-looking
statements. Although such statements are based upon the best judgments of
management of the company as of the date of this release, significant
deviations in magnitude, timing and other factors may result from business
risks and uncertainties including, without limitation, the company's dependence
on third parties, general market and economic conditions, technical factors,
the availability of outside capital, receipt of revenues and other factors,
many of which are beyond the control of the company. The company disclaims any
obligation to update information contained in any forward-looking statement.
CONTACT: Sancon Resources Recovery, Inc.
Jack Chen, +86 21 67756099 (CEO)
info@sanconinc.com
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