PetroAlgae Wins Sustainable Biofuels Award at World Biofuels Markets Event

BRUSSELS - In a gala event including the world’s foremost leaders in biofuels,
PetroAlgae (OTC Bulletin Board: PALG) last night was presented the
Sustainable Biofuels Technology Award in the Technology Supplier category at
the 2009 World Biofuels Markets in Brussels.

“We are honored and delighted by this prestigious recognition. It sends a
strong endorsement of our business model and strict focus on the
commercialization of algal fuel - an approach we believe can effectively
solve many of the challenges currently associated with the biofuel industry,”
said Dr John Scott, Chairman of PetroAlgae. “At PetroAlgae, we are proud to
say that the world’s demand for diesel can be met in a cost-effective way on
a relatively small fraction of land all while providing a carbon neutral
alternative fuel.”

About PetroAlgae

PetroAlgae is commercializing next generation technologies to grow and
harvest oil and animal feed from algae. A cost-effective substitute for
petroleum oil, this remarkable process creates a renewable, carbon-neutral
feedstock source for biodiesel. PetroAlgae uses naturally selected strains of
micro-algae to produce rapid growth and high oil yield. Our algae-cultivation
bioreactor system can be built on a massive commercial scale, creating the
opportunity to produce a cost effective alternative to fossil fuels and
high-protein animal feed while absorbing CO2 from green house gas emissions.
Expecting to begin commercial deployment in 2009 and opening a commercial
scale pilot facility later this year, we are engaging with licensing
prospects throughout the world. PetroAlgae offers a path to sustainable and
clean energy independence through a process that is scalable globally.

Source: PetroAlgae

European Media, Dragan Barbutovski of Weber Shandwick Brussels, +32-2-894-9022, Mobile, +32-498-982-984, dbarbutovski at webershandwick.com, or US Media, Katie Hays of Weber Shandwick Seattle, +1-425-452-5428, khays at webershandwick.com, both for PetroAlgae