Jan 20 2010
The National Alliance for Advanced Biofuels and Bioproducts, a consortium including Palmer Labs, Durham, North Carolina, has received an award of $44 million in federal stimulus funds from the U.S. Department of Energy (DOE). This was announced by the DOE Secretary, Steven Chu.
Palmer Labs will utilize the DOE funds to support the enhanced research of its algae technology for both nutritional as well as energy applications. Dr. Miles Palmer, company president, said the company is currently focusing on finding technologies that is cheaper and efficient to address problems in energy and food resources. The timely grant from DOE will support this goal for the company and the consortium partners.
J. Keith Crisco, Secretary, N.C. Department of Commerce, said that the state is very pleased with announcement. Crisco added that innovation and creativity are important factors for North Carolina's future in general and for creating green jobs in particular and Palmer Labs is a good example of that creativity and innovation.
Chairman of Tippet Capital, Lanty Smith, said that the consolidation of Palmer Labs’ business in North Carolina is beneficial for the state. The company has recruited some of the brightest local talent.
Bill Brown, Chairman of Palmer Labs and Duke Law School faculty member, said that the company is adopting innovative methods for harnessing algae for energy production and food while at the same to address the problems carbon dioxide emissions.
Engineers at Palmer Labs are also developing and testing new systems to burn algae for the generation of renewable electricity. Dr. Palmer said that the new technology will enable the company to utilize algae to convert sunlight into electricity. Palmer added that system is capable of using natural gas, biomass or coal and captures all the carbon dioxide emissions at much lower cost when compared to the existing commercial systems.
Source: http://www.palmerlabs.com