OTC News Archive
Sunrise Ridge Algae selected As Emerging Technology Fund recipient
Austin Chamber of Commerce
October 6, 2008
The Austin Chamber of Commerce and the Central Texas Regional Center of Innovation and Commercialization (CenTex RCIC) announce that the State of Texas has chosen Sunrise Ridge Algae Inc. as the recipient of a technology commercialization award funded through the Texas Emerging Technology Fund (ETF). The Central Texas company will receive a $250,000 project award for the research, development, and commercialization of algae biomass technology designed to be a renewable energy source and to remove wastewater pollutants and reduce greenhouse gas emissions.
“With our history in the energy business, Texas should play a huge role in renewable energy sources,” said Jeff King, Partner Haynes & Boone, LLP and Chairman of the CenTex RCIC. “With the investment in Sunrise Ridge, the CenTex RCIC is supporting innovation in energy, and, we hope, creation of another growth energy industry in Texas. The CenTex RCIC is pleased to have a part in Texas looking to the future.”
Sunrise Ridge Algae Inc. was formed to develop and commercialize algae production systems that are economically successful at commodity scale. Sunrise Ridge Algae Inc. plans to develop and commercialize algae technology to produce renewable fuel technology and animal feeds that won’t compete with food. The technology converts waste water and waste CO2 to high-value products through a unique, low-cost field system that is being tested at the City of Austin wastewater facility. If successful, the State’s immense potential for renewable energy will be greatly improved.
“We are very pleased to receive this award from the State of Texas,” said Norman Whitton, CEO of Sunrise Ridge Algae Inc. “It demonstrates the State’s long-term commitment to maintaining Texas’ position as energy supplier to the country, and their confidence in our company.”
Sunrise Ridge Algae Inc. was selected by the CenTex RCIC after an extensive due diligence process based on multiple criteria including a stringent analyses of the market and financial opportunity, technology potential, management team, and economic impact to Texas.
Sunrise Ridge Algae Inc. has worked with The University of Texas at Austin for more than two years, working with principal investigators Dr. Jerry Brand, Dr. Kerry Kinney, and Dr. Frank Seibert. It also owns and operates a pilot production facility at the Austin Water Utility’s Hornsby Bend plant in Austin.
“The Austin Water Utility is pleased to be able to partner with Sunrise Ridge Algae and proud to be a part of a technology that produces biofuels from wastewater,” said Greg Meszaros, Director of the Austin Water Utility.