Vancouver, B.C. – July 21, 2008 – Lignol Energy Corporation (TSX-V: LEC) (“Lignol” or “the Company”), a leading technology company in the cellulosic ethanol and biorefining sector, today announced that its wholly-owned subsidiary, Lignol Innovations Ltd. has been awarded $1.96 million in funding from the Government of British Columbia’s $25 million Innovative Clean Energy (“ICE”) Fund.
ICE funding recipients were announced by B.C.’s Technology, Trade and Economic Development Minister Ida Chong and Energy, Mines and Petroleum Resources Minister Richard Neufeld on July 18, 2008. Lignol will use the funding to support the ongoing development and commercialization of its unique process technology for the conversion of non-food, cellulosic biomass into ethanol and other biochemicals.
“We are pleased to have been selected by the B.C. government for this funding to help advance the development of our unique and proprietary cellulosic ethanol and biorefining technologies,” said Ross MacLachlan, President and Chief Executive Officer of Lignol. “The support we have received from provincial and federal agencies together with our business partners has been significant and this funding from British Columbia’s Innovative Clean Energy Fund further validates our commercial potential within these significant and fast growing sectors. We look forward to playing a role in support of B.C.’s ambitious greenhouse gas emission reduction and clean energy targets.”
Successful commercialization of Lignol’s cellulosic ethanol and biorefining technologies could help support a number of B.C. government initiatives including: i) the reduction of greenhouse gas emissions by displacing fossil fuels with low carbon ethanol produced within the province; ii) the utilization of mountain pine beetle fibre and other softwood residues in the production of low carbon transportation fuel and other biochemical co-products, such as High Purity Lignin (“HP-L™”); and iii) the development of B.C. technologies that have strong potential for export.
About the ICE Fund
The $25-million ICE Fund will help make British Columbia a world leader in alternative energy and power technology by showcasing B.C. technologies to the world and fostering solutions to B.C.’s pressing energy challenges. It is designed to accelerate the commercialization of new, clean and renewable energy technologies. Examples of ICE Fund candidate technologies include: solar, ocean, and bioenergy power generation; improvements to electricity transmission and distribution; fuel cells; geothermal; and energy efficiency and conservation technologies. The ICE Fund supports the B.C. Energy Plan and government’s goal of electricity self-sufficiency by 2016 and cutting greenhouse gas emissions by 33 per cent by 2020.
About Lignol
Lignol (TSX-V: LEC) is a Canadian company undertaking the development of biorefining technologies for the production of fuel-grade ethanol and other biochemical co-products from non-food cellulosic biomass feedstocks. Lignol’s modified solvent based pre-treatment technology facilitates the rapid, high-yield conversion of cellulose to ethanol and the production of value-added biochemical co-products, including a High Purity Lignin (HP-L™). Lignol is executing on its development plan through strategic partnerships to further develop and integrate the core technologies on a commercial scale. Lignol also intends to invest in, or otherwise obtain, equity interests in energy related projects which have synergies with its biorefining technology. For more information about Lignol, please visit our website at www.lignol.ca.
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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Caution concerning forward-looking statements
Certain statements contained in this document may constitute "forward-looking statements". When used in this document, the words "may", "would", "could", "will", "intend", "plan", “anticipate", "believe", "estimate", "expect", “investigate”, ”looking at” as they relate to Lignol or its management, are intended to identify forward-looking statements or information. Such statements or information reflect Lignol’s current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors could cause Lignol’s actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements or information, including among other things, those risk factors which are discussed elsewhere in documents that Lignol files from time to time with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements or information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. The Company expressly disclaims any intention or obligation to update or revise any forward looking statements and information whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.
For further information:
Lignol Energy Corporation
Ross MacLachlan
Chief Executive Officer
Tel: 604-222-9800 ext. 107
Email: info@lignol.ca The Equicom Group
Bruce Wigle
Investor Relations
Tel: 416-815-0700 ext. 228
Email: bwigle@equicomgroup.com