Florida's PetroAlgae to use Denmark-based Haldor Topsoe's catalysts, equipment, technology to process its algae-derived oils into drop-in renewable fuels such as diesel, jet fuel

MELBOURNE, Florida , March 21, 2011 (press release) – Finalizes Cooperation Agreement with Leading Global Catalyst and Technology Company to Upgrade PetroAlgae’s Biomass to Renewable Fuels

PetroAlgae Inc. (OTCPK: PALG), a leading renewable energy company that licenses its commercial micro-crop technology globally, today announced that it has entered into an agreement with Haldor Topsoe A/S and its U.S. subsidiary, Haldor Topsoe, Inc. to provide technology and catalysts to upgrade oils produced from PetroAlgae’s biomass through refinery coking processes and pyrolysis into drop-in renewable fuels, including diesel and jet fuels.

Haldor Topsoe is a leading global catalyst and technology company focused on the refining industry, petrochemical industry and the power industries. PetroAlgae’s micro-crop technology employs indigenous, aquatic micro-organisms suitable to local climates and is designed to enable its licensees to produce an alternative to fossil fuels as well as a high-value protein co-product, while absorbing carbon dioxide from the atmosphere.

Under the agreement, the two companies will work together to apply Haldor Topsoe catalysts, equipment, and licensed technology to upgrade oils derived from PetroAlgae’s biocrude.

“We are very excited to be working with Haldor Topsoe to further validate the commercial viability of our micro-crop biomass for use in refinery cokers and the production of a drop in renewable fuel,” said Dr. John Scott, Chairman of PetroAlgae. “They have extensive hydroprocessing research and development expertise from both a catalyst and a technology design standpoint and we see this agreement as just the beginning of a relationship that will help us realize the promise of our biomass as a clean and environmentally sustainable alternative to fossil fuels.”

“We look forward to taking this important step with PetroAlgae toward producing renewable fuels,” said Niels Sorensen Chief Executive Officer of Haldor Topsoe A/S “PetroAlgae is a leader in developing technology to produce biomass at a large commercial scale, which enables them to be cost competitive with traditional fossil fuels. Haldor Topsoe is committed to renewable fuels and we are excited about implementing projects that will help reach the goals set for renewable fuels all around the world.”

About PetroAlgae

PetroAlgae Inc. (OTCPK: PALG), based in Melbourne, Florida, is a renewable energy company that licenses and deploys the leading biomass production platform to address existing and growing unmet needs in the global energy and agriculture markets. The company’s technology enables the growing and harvesting of a wide variety of aquatic micro-crops suitable to local climates in open-pond bioreactors. For more information about PetroAlgae, please visit our website at www.petroalgae.com.

About Haldor Topsoe

Haldor Topsoe A/S is a privately held catalyst and technology company headquartered in Lyngby, Denmark. Its fully owned US subsidiary, Haldor Topsoe Inc., is headquartered in Houston, Texas. For more information about Haldor Topsoe, please visit our website www.topsoe.com.

Haldor Topsoe is a leading catalyst and technology company in the field of heterogeneous catalysis. Our key markets include refining, petrochemical and the power industries. Renewable bio-fuels is an exciting, emerging business in which Haldor Topsoe has invested large R&D resources in order to develop propriety catalysts and hydrotreating designs for upgrading a variety of renewable feedstocks to a drop-in renewable fuel. Haldor Topsoe has developed a fundamental understanding of catalyst behavior at the nanoscale which enables us to continuously develop new and improved products to meet the needs of our clients. The company has designed and licensed more than 120 hydroprocessing units over the past 10 years and has hydroprocessing design facilities in Orange County, California; Houston, Texas; New Delhi, India, and Lyngby, Denmark.

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