M.O.U. with Mitsubishi Corporation

RNS Number : 9627W
Applied Intellectual Capital Ltd
18 June 2008

18 June 2008

APPLIED INTELLECTUAL CAPITAL

REDOX BIOFUELS & MITSUBISHI CORPORATION

Waste to Ethanol

Applied Intellectual Capital ("AIC") (AIM: AINC), RedOx Biofuels ("RedOx") a fully-owned subsidiary of AIC and Mitsubishi Corporation
announced today the signing of a memorandum of understanding to work together for commercialization of a process developed by RedOx
Biofuels to convert non-food feed-stocks into ethanol.

The companies said that the partnership reflects their joint view that sustainable, low carbon fuels represent the future of
transportation fuels.

Kim Ogaard-Nielsen, CEO of RedOx, further commented:

"With Mitsubishi Corporation's global presence, its access to feed-stock, as well as its links to down-stream distribution we have found
the ideal partner to bring our electro-chemical biofuels solution to the next level."

ENQUIRIES:

RedOx Biofuels Limited: Kim Ogaard-Nielsen Tel. +44 (0)1953 859139

Applied Intellectual Capital: Dr. Stephen Clarke Tel. +1 510 239 0025

Mitsubishi Corporation: Koichi Takita Tel. +81 3 3210 2172

Pelham Public Relations : Archie Berens Tel. +44 (0)7802 442486

Nabarro Wells: Marc Cramsie Tel. +44 (0)207 710 7400

NOTES FOR EDITORS

About AIC

AIC is an AIM listed company that funds, develops, patents and commercialises electrochemical and advanced separations technologies in
clean energy, electricity storage, water treatment, metals recovery and other emerging markets. AIC listed on AIM in January 2007 and
currently has a market capitalisation of approximately �107 million.

About RedOx

RedOx is a wholly-owned subsidiary of AIC that uses its proprietary Metal Mediated Reduction Oxidation (MMR) synthesis technology to
make ethanol, other biofuels, and high-value chemicals. RedOx aim is to reduce the global dependence on fossil fuels and products by making
the production of biofuels and products more cost effective.

About MC

Mitsubishi Corporation (MC) is Japan's largest general trading company (sogo shosha) with over 200 bases of operations in approximately
80 countries worldwide. Together with its over 500 group companies, MC employs a multinational workforce of approximately 54,000 people. MC
has long been engaged in business with customers around the world in virtually every industry, including energy, metals, machinery,
chemicals, food and general merchandise.

This information is provided by RNS
The company news service from the London Stock Exchange

END

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