PetroAlgae changes name to Parabel to better reflect new strategy
Melbourne, Fla.-based PetroAlgae Inc. has changed its name to Parabel Inc. According to information released by the company, the new name better reflects its strategic changes and commercial milestones.
“In the past year, the company has significantly accelerated its commercialization as a result of key strategic changes,” said Anthony Tiarks, CEO of Parabel. “We have developed a scalable and flexible customer licensee model, and our technology is now being implemented at pilot scale around the world. Our priority is to facilitate the commercial-scale production of animal feed and potentially human food ingredients, using nongenetically modified and nonalgae microcrops. We believe it is the right time for these important developments and achievements to be given expression through a new name.”
Information issued by Parabel noted that its proprietary technology addresses global demand for new sources of feed, food and fuel. According to the company, its open-pond bioreactor technology enables customer licensees to grow, harvest, and process locally available, aquatic microcrops.Biorefining Magazine’s prior coverage of the company notes that the Parabel’s technology is used to cultivate microcrops from the Lemnaceae family, including duckweed.
The company filed an IPO registration statement with the U.S. Securities and Exchange Commission August 2010, and amended that registration December 2011. Due to the pending IPO, Parabel is not currently able to offer additional comments on the name change.
Parabel operates a demonstration-scale algae production facility in Fellsmere, Fla. In June 2011, Parabel and its operating company PA LLC announced the finalization of Master Framework and Initial License Agreement with the Ministry of Natural Resources for the Republic of Suriname, Staatsolie Maatschappij Suriname N.V. (Staatsolie) and N.V. Verenigde Cultuur Maatschappijen (N.V. VCM). The agreement covers the phased construction and operation of a commercial-scale microcrop farm in Suriname that will produce renewable fuel and protein. Construction on that facility could begin this year.