GreenFuel Technologies Receives 2006 Frost & Sullivan ''Technology Innovation of the Year'' Award

CAMBRIDGE, Mass.--()--Sept. 12, 2006--GreenFuel Technologies Corporation has been awarded the Frost & Sullivan 2006 Technology Innovation of the Year Award in the emerging field of bio-based fuels (biofuels). The award recognized the introduction of GreenFuel's unique algal bioreactor technology known as Emissions-to-Biofuels(TM) (E2B(TM)). This eco friendly technology uses algal cultivation along with a photosynthesis bioreactor system to generate biofuel by recycling the carbon dioxide in flue gases that emanate from industrial power plants and other high-volume CO2 sources.

"With so much recent activity in the renewable energy industry, the Technology Innovation of the Year-Biofuels Award was a particularly challenging award category for our panel of judges," said Rebecca Bright, research analyst at Frost & Sullivan. "However, the uniqueness of GreenFuel's algal-based technology is that it is able to combat carbon dioxide emissions and facilitate biofuel generation at the same time -- a truly remarkable value proposition in our view."

The key three elements of the GreenFuel's approach are adaptive evolution of algae, photomodulation (controlling light and dark cycles), and a customizable field bioreactor. First, CO2 - rich flue gases are passed via the algae bioreactor where the carbon is fixed to create algal biomass. The biomass contains lipids, proteins and carbohydrates that can be further processed into a variety of biofuels such as ethanol, biodiesel, or methane. Already there are projects in Arizona, Massachusetts and New York. The company is looking to fully commercialize the technology within the next two years.

"We are sincerely honored to receive this prestigious award from Frost & Sullivan," said Cary Bullock, CEO of GreenFuel Technologies Corporation. "Harnessing nature to solve world energy and environmental problems is a step-by-step process that is often slower than many of us would like. This type of recognition goes a long way towards keeping our talented GreenFuel team motivated and on target to meet our development milestones."

Formal presentation of the award will take place on the evening of September 25 at a special awards ceremony and reception in San Antonio, Texas.

To learn more about Frost & Sullivan's Best Practices Awards program or about this upcoming award ceremony, please visit www.awards.frost.com.

About GreenFuel Technologies Corporation

With more than a dozen pending patents, GreenFuel Technologies Corporation is the leading developer of systems for recycling rich CO2 streams from power and/or manufacturing plant flue gases to produce biofuels such as biodiesel, ethanol or methane. The company, which was founded in 2001, is headquartered in Cambridge, Massachusetts. For more information, visit www.greenfuelonline.com.

Contacts

GreenFuel Technologies Corp.
Marc Bane, 978-443-2378
mbane@greenfuelonline.com

Contacts

GreenFuel Technologies Corp.
Marc Bane, 978-443-2378
mbane@greenfuelonline.com