HR BioPetroleum, Alexander & Baldwin, Hawaiian Electric and Maui Electric have signed a memorandum of understanding for the joint development of a commercial-scale microalgae facility on Maui to produce lipid oil for conversion to biodiesel and other products. HR BioPetroleum will be responsible for overall project management, including obtaining financing, construction and operation of the microalgae facility. Alexander & Baldwin will provide strategically located land for the algae production ponds and processing plant, while Hawaiian Electric and its subsidiary Maui Electric will determine the permitting and construction needs for piping to carry stack gases containing carbon dioxide, which the algae consume, from the Ma’alaea plant to an adjacent algae facility. This will be HR BioPetroluem’s first commercial facility and is expected to be operational in 2011. (Source: Business Wire, July 15, ’08) 

Contact: Peter Rosegg, Hawaiian Electric, (808) 371-7474, peter.rosegg@heco.comwww.heco.com. Meredith J. Ching, Alexander & Baldwin, (808) 525-6669, mching@abinc.comwww.alexanderbaldwin.com. Edward Shonsey, CEO, HR BioPetroluem, (858) 764-2443,www.hrbp.com