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Boulder-based Genesis plans to have the lab built within the next 90 days at an Abundant Energy Solutions’ research facility in Englewood, according to a company press statement. The demonstration lab will receive financing from “independent financial institutions,´ said Harvey Dorren, chief executive of Genesis. Dorren did not give specific details of the financing.
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“We want to take this to the next level,” Dorren said. “We’re working together to put our demonstration lab together, so it’s a combination of financial and people resources.”
The two companies will remain independent of each other, Dorren said. At the same time, heads of the two companies have signed an agreement to engineer and construct algae biofuel refineries in the future, according to the press statement. Dorren referred financial questions about the agreement to Abundant Energy Solutions, which lists an operating address in Superior.
Joe Nieusma, CEO of Abundant Energy Solutions, did not immediately return a call for comment.
Once the demonstration lab is built, the two companies plan to build a $25 million algal biofuel refinery near a cement plant in Colorado starting sometime in the first three months of 2013, according to the press statement. Up to 20 people will work at the refinery once it’s up and running, Dorren said. Dorren declined to say where the refinery would be located.
Genesis uses its technology to sequester carbon dioxide gas from cement manufacturing plants, according to the press statement. Genesis refineries can use that gas to produce algal biofuel used in diesel engines, according to the statement. The gas also can be used to make ethanol, according to the statement.
In conjunction with the new pilot facility, Genesis will form its own categorization lab to categorize different strains of algae as they relate to biofuel, Dorren said.
Abundant Energy Solutions is privately funded and is an affiliate of the privately funded Colorado Energy Research Technologies, a research company, according to the press statement.