PetroAlgae, Inc. (PALG.OB) Signs Memorandum of Understanding with Foster Wheeler to Create End-to-End Biomass-to-Fuel Solutions
PetroAlgae Inc., a leading alternative energy company that licenses a commercial micro-crop technology system to produce clean fuel and food in an environmentally sustainable manner, recently announced that it has signed a memorandum of understanding with Foster Wheeler AG’s (NASDAQ: FWLT) Global Engineering and Construction Group. This agreement calls for engineering services to be performed in conjunction with PetroAlgae's micro-crop biomass technology. PetroAlgae’s globally scalable technology produces high-value protein as a cost-effective alternative to fossil fuels, while absorbing carbon dioxide from greenhouse gas emissions. The two companies will collaborate to develop commercial solutions that will allow existing oil refineries to…