By Pacific Business News (Honolulu)

HR BioPetroleum is buying Royal Dutch Shellâ¿¿s shares in Cellana, an algae biofuels company on the Big Island, according to a statement released by HR BioPetroleum.

Formed by scientists from the University of Hawaii at Manoa, HR BioPetroleum has been collaborating with Shell since 2007 under the company name Cellana to develop biofuels from algae.

Still in the research and development stage, the company has been working toward developing a commercial facility on Maui by 2013.

Shell will be providing an undisclosed amount of short-term funding for Cellana during the transition.

HR BioPetroleum will be the sole owner of Cellana by the end of this month, including its 6-acre demonstration facility in Kona.

The amount of shares that Shell owns in the private company was not disclosed.

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