GreenFuel and Arizona Public Service Company Win ''Emissions Energy Project of the Year'' at 2006 Platts Global Energy Awards

CAMBRIDGE, Mass. & PHOENIX--()--GreenFuel Technologies Corporation and Arizona Public Service Company (APS) announced that they have won the 2006 Platts Global Energy Award for Emissions Energy Project of the Year. The award was presented at the 8th Annual Platts Global Energy Awards Gala last week in New York. GreenFuel and APS were recognized for their work using carbon dioxide (CO2) emissions to create renewable biodiesel and ethanol fuel at APS Redhawk Power Plant, located about 50 miles west of Phoenix.

GreenFuels Emissions-to-Biofuels technology uses safe, naturally occurring algae to recycle carbon dioxide emissions from the Redhawk plant, thereby reducing the amount of CO2 dispersed into the air. Carbon Dioxide is recognized by scientists as a leading contributor of environmental greenhouse gases. The CO2 emissions are trapped and transferred to specialized containers holding hungry algae. In the presence of sunlight, the algae consume the CO2 and multiply. Once enough algae is grown, it is harvested, and its starches turned into ethanol; its lipids into biodiesel; and its protein into high-grade food for livestock or to be returned to the algae farm as nutrients. Nothing goes to waste...and the environment benefits from reduced pollutants. The APS Redhawk project marks the first time ever that algae biomass created on-site by direct connection to a commercial power plant has been successfully converted to both transportation-grade biodiesel and ethanol, said GreenFuel CEO, Cary bullock.

The emissions to biofuels project addresses two important issues in the U.S. today reducing greenhouse gas emissions at power plants and producing more domestic sources of alternative fuels for automobiles and power plants. Theoretically, this is the first step in creating a self-sustaining renewable energy system for producing electricity.

APS is committed to developing environmentally sustainable business practices that meet the electricity needs of our customers, said Ed Fox, APS' Vice President of Communications, Environment and Safety. We're honored to be recognized for our efforts to bring new clean renewable technologies into the mainstream of the electric utility business.

According to Platts, they received more than 200 nominations this year from energy companies around the world, and the finalists and winners in 17 categories exemplify the spirit of innovation and an enduring commitment to employees, customers, shareholders, the environment, and the energy industry as a whole.

About Arizona Public Service Company

APS, Arizonas largest and longest-serving electricity utility, serves about 1 million customers in 11 of the states 15 counties. With headquarters in Phoenix, APS is the largest subsidiary of Pinnacle West Capital Corp. (NYSE: PNW)

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, 1-978-443-2378
mbane@greenfuelonline.com
or
Arizona Public Service
Steven Gotfried, 1-602-250-3040
steven.gotfried@aps.com

Contacts

GreenFuel Technologies Corp.
Marc Bane, 1-978-443-2378
mbane@greenfuelonline.com
or
Arizona Public Service
Steven Gotfried, 1-602-250-3040
steven.gotfried@aps.com