Senior Energy Executives Join Aquatic Energy Board

LAKE CHARLES, La., Dec. 8, 2010 /PRNewswire/ -- Aquatic Energy LLC announced today that two senior energy executives, C. Maury Devine and Robert Zulandi, have joined its Board of Directors.  "Our new board members bring years of valuable industry and management experience to our company," stated David Johnston, CEO of Aquatic Energy.  "The significant additions come at an excellent time, as the company moves from proof-of-concept demonstration facilities to commercial production facilities." Aquatic Energy is a renewable bio-technology company using proprietary algae strains as feed stock for the production of low-cost sustainable fuel and food.  

Ms. Devine, a former oil and gas executive at Mobil (now ExxonMobil), explained that there is "great potential in the development of algae as a next generation source for bio-fuels.  With the increase in federal and state renewable fuel mandates, algae technologies make a lot of sense.  There will be no silver-bullet, but I am confident algae will be a significant part of the solution."  

Mr. Zulandi, President, RMZ Group (a company that provides investment advice to Intel Capital and Goldman Sachs and consulting service in infrastructure investments to private equity and hedge funds in the renewable sector) agreed that algae-based technologies have boundless potential, and went on to discuss additional practical reasons for his involvement. "I'm confident that Aquatic Energy will successfully scale its product to meet customer demand and bring a realistic low-cost approach to production."

Ms. DEVINE served as President and Managing Director of Mobil Corporation's Norwegian affiliate, ExxonMobil Norway, Inc., from 1996 to 2000. During Ms. Devine's four years as the head of the Norwegian affiliate, the company yielded annual revenues of approximately $1 billion and its annual capital spending averaged $300-$350 million.

Preceding the merger of ExxonMobil, she served as Secretary of the Board of Directors of Mobil Corporation from 1994 to 1996. From 1990 to 1994, Ms. Devine managed Mobil's international government relations. From 2000 to 2003, Ms. Devine was a Fellow at Harvard University's Belfer Center for Science and International Affairs.

Prior to joining Mobil, Ms. Devine served 15 years in the United States government in positions at the White House, the American Embassy in Paris, France, and the U.S. Department of Justice. Ms. Devine serves on the Board of Directors of FMC Technologies, JBT Corporation, and the Washington Middle School for Girls. She is also a member of the Council on Foreign Relations.

Mr. ZULANDI has been in the energy industry for more than 35 years, beginning with the Royal Dutch/Shell Group. In the early 1980s he was a senior manager with General Electric Company, where he was instrumental in jump-starting their Independent Power Production (IPP) business, and led GE into the ownership and operation of natural gas generating assets. Mr. Zulandi led LG&E (formerly Ultrasystems/Hadson) from a startup into one of the largest IPOs in the US, building $1.4 billion in assets across the coal and gas fired spectrum.  He was the Senior Vice President of Columbia Energy Group's electric generation development subsidiary, Columbia Electric Corporation, and took this start-up subsidiary with no generation assets to a Fortune 250 company having 1,620 MWs in developed and operating assets and 2,410 MWs in varying stages of active development.

Most recently, Mr. Zulandi was President of Beacon Generating, LLC, where he assisted with the development and sale of BLGH Holding LLC with an enterprise value of $120 MM.  Mr. Zulandi and his partners closed project financing for $60MM in 2006 in support of 10,000 DTh/day projects in Pennsylvania. Currently Mr. Zulandi provides consulting services in the algae and solar space.

About Aquatic Energy LLC (www.aquaticenergy.com):

Aquatic Energy LLC is a renewable bio-technology company using proprietary algal strains as feedstock for the production of low-cost, sustainable fuel and food. The company has developed technology for the growth, harvesting, dewatering, and oil extraction of algae in an open-pond environment. This technology allows Aquatic Energy to produce a variety of high-grade fuel and food products while maintaining low-cost and environmentally responsible operations.

Contact: David Johnston, CEO | Aquatic Energy LLC | Phone: (337)437-3757 | Fax: (866)823-8067 | [email protected]

SOURCE Aquatic Energy LLC