Solix Biofuels Announces Joel Butler Appointed as New CEO
"Joel's background provides the Company with the expertise needed to drive the commercialization of the Solix AGSā¢ technology," said Tim Lewin, Director of I2BF Venture Capital, an investor in Solix and a member of Solix's Board of Directors. "We believe Solix is now well positioned to launch these much needed systems into the marketplace."
"I look forward to driving the launch of our proprietary algae production systems," said Joel Butler. "I believe that Solix's AGS technology provides the best opportunity to enable the industry to deliver a range of products derived from algae in the coming years. These uniquely engineered systems will provide our customers with reliable, high productivity, algae cultivation capabilities."
Solix has demonstrated continuous growth of high oil-producing algae in its AGS for almost three years, with no production failures and significant year-over-year improvements in both biomass yield and oil output. Last summer, they achieved peak growth rates over 3000 gallons per acre per year, thereby crossing the threshold that has been deemed as commercially viable. Solix has also demonstrated its technology at scale at its demonstration plant located in Southwestern Colorado on the Southern Ute Reservation. This facility uses waste carbon dioxide and produced water from industrial sources.
Doug Henston, previously Solix's CEO, and David Maytubby, CFO, have resigned from the Solix to pursue other opportunities.
About Solix Biofuels Solix Biofuels, Inc., is a developer of algae production technology designed to produce algal biocrude and other algal products on an industrial scale. Its proprietary AGS offers the ability to cost efficiently produce algae products with high productivity and reliability. The Company works with partners interested in utilizing its AGS technology to produce products derived from algae and to reduce CO2 emissions. Solix Biofuels is head quartered in Ft. Collins, Colorado and has a demonstration facility near Durango in Southwestern Colorado. The Company is venture funded. For more information, visit www.solixbiofuels.com.
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Solix Biofuels Contact: Joanna K. Money Vice President, Business Development Office: (970) 692 5611