Kwikpower International Plc Acquires NREL Technology License for Low Cost Production of Biodiesel Feedstocks from UTEK Corporation.

LONDON & GOLDEN, Colo. & TAMPA, Fla. -- UTEK Corporation (AMEX:UTK) (LSE-AIM:UTK), a specialty finance company focused on technology transfer, and Kwikpower International Plc, a diversified renewable energy and fuels company offering 'Carbon Recycling' solutions, announced today that Kwikpower International has acquired Advanced Biofuel Technologies, Inc., a wholly owned subsidiary of UTEK Corporation, in a stock transaction.

Advanced Biofuel Technologies, Inc. holds the license to oil-producing micro algae developed at the U.S. Department of Energy's National Renewable Energy Laboratory (NREL). The license is exclusive in the European Union and is non-exclusive in the United States. The licensed technology may provide the enhanced production of bio-diesel feedstocks, whereby over expression of Acetyl-Coenzyme A Carboxylase in algae leads to overproduction of triglycerides. When these triglycerides are subjected to trans-esterification, they provide the hydrocarbon feedstock for the production of biodiesel fuels. This technology was developed by former NREL employee Paul G. Roessler, Ph.D. and his NREL team.

Dr. James Watkins, Chief Executive Officer and Chairman of Kwikpower International said, "We believe that this NREL technology will enable us to rapidly expand Kwikpower's opportunities in the bio-diesel markets in the USA and Europe. We also believe that it will allow us to reduce the overall cost of feedstock utilized in biodiesel production. We see significant, potential growth opportunities in both the USA and Europe for this technology."

Dr. Watkins continued, "This is the third technology transfer this quarter between Kwikpower and UTEK. The first two transfers were for technology to produce biodiesel from a distinctive variety of the green alga known as Botryococcus. The ancestors of Botryococcus are thought to be responsible for many of the world's fossil fuel deposits. Kwikpower acquired the exclusive license to a novel algae strain derived from a variety isolated by Dr. Arthur Nonomura, while at the University of California in Berkeley. This new strain grows faster than previous wild-type algae and, when combined with methods to switch on growth and accelerate hydrocarbon production, may provide Kwikpower with the ability to grow biodiesel components at competitive prices. The ability to grow bio-derived gasoline and diesel components cost-effectively offers Kwikpower the potential opportunity to help meet the growing demand for energy with a 'Low Carbon' solution."

"With this novel process, we hope to see future farms of oil-bearing algae as a sustained source for bio-diesel, comparable to the way that we cultivate our food," said Richard Bolin, a Technology Transfer Officer at NREL.

"UTEK is pleased to consummate this technology transfer with Kwikpower International and we look forward to continuing our efforts to identify additional technology acquisition opportunities for its consideration," said Joel Edelson, Vice President of Technology Licensing for UTEK Corporation.

About Kwikpower International Plc

Kwikpower International Plc, is a diversified renewable energy and fuels company offering "Low Carbon" solutions through its Engineering Division (KP Wellman), and its Renewables Division which includes its renewable energy subsidiary KP Renewables Plc (LSE-AIM:KPR).

The Kwikpower group is headquartered in Gibraltar with representative offices in London, England, Melbourne, Australia, and Toronto, Canada, and has manufacturing facilities in Oldbury, Dukinfield and Portsmouth, England. Kwikpower has approximately 300 personnel.

Kwikpower's Engineering Division (KP Wellman) has over 100 years of expertise in the design and manufacture of boilers, furnaces, heat exchangers and gas clean-up/recycling equipment.

KP Renewables Plc was established by Kwikpower to be the leading independent renewable energy company in the UK. KP Renewables Plc has been listed on the AIM market of the London Stock Exchange since July 2005 under the symbol KPR and is also quoted on the Frankfurt, Munich and Berlin Stock Exchanges under the symbol K1P.

For more information about Kwikpower International Plc, please visit its website at http://www.kwikpower.com.

For more information about KP Wellman, please visit its website at http://www.wellman-thermal.com.

For more information about KP Renewables Plc, please visit its website at http://www.kprenewables.com.

About the National Renewable Energy Laboratory

NREL is the U.S. Department of Energy's primary national laboratory for renewable energy and energy efficiency research and development. NREL is operated for DOE by Midwest Research Institute and Battelle. For more information about NREL, please visit its website at http://www.nrel.gov.

About UTEK Corporation

UTEK(R) is a specialty finance company focused on technology transfer. UTEK enables companies to rapidly acquire innovative technologies from universities and research laboratories worldwide. UTEK facilitates the identification and then finances the acquisition of external technologies for clients in exchange for their equity securities. This unique process is called U2B(R). In addition to its U2B(R) service, UTEK offers both large and small capitalization companies the tools to search, analyze and manage university intellectual properties. UTEK has operations in the United States, United Kingdom and Israel. For more information about UTEK, please visit its website at http://www.utekcorp.com.

Forward-Looking Statements

Certain matters discussed in this press release are "forward-looking statements." These forward-looking statements can generally be identified as such because the context of the statement will include words, such as UTEK or Kwikpower International "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or Kwikpower International's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of UTEK or Kwikpower International, as appropriate, and the valuation of UTEK's investment portfolio, which could cause actual results to differ materially from those currently anticipated. Although UTEK and Kwikpower International believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, they cannot give any assurance that their expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements, and some of these factors are discussed below. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and both UTEK and Kwikpower International do not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

UTEK's operating results could fluctuate significantly due to a number of factors. These factors include the small number of transactions that are completed each quarter, the value of individual transactions, the timing of the recognition and the magnitude of unrealized gains and losses, UTEK's dependence on the performance of companies in its portfolio, the possibility that advances in technology could render the technologies it has transferred obsolete, the loss of technology licenses by companies in its portfolio, the degree to which it encounters competition in its markets, the volatility of the stock market and the volatility of the valuations of the companies it has invested in as it relates to its realized and unrealized gains and losses, the concentration of investments in a small number of companies, as well as other general economic conditions. As a result of these and other factors, current results may not be indicative of UTEK's future performance. For more information on UTEK and for a more complete discussion of the risks pertaining to an investment in UTEK, please refer to UTEK's filings with the Securities and Exchange Commission.