ASX ANNOUNCEMENT & MEDIA RELEASE, 28 MAY 2014

FINAL STAGE OF CO2 TO FUEL

SOLAR TEST SUCCESSFUL IN ISRAEL

• NewCO2Fuels successfully accomplishes solar proof of concept:

o Solar driven proof of concept successfully dissociated CO2 into CO &

Oxygen while exceeding expectations during initial trials

o Solar testing demonstrated a dissociation rate of 800 times higher

than the laboratory performance two and a half years ago, in line with

the performance of the excess heat reactor configuration announced

in March

• Both paths to market are now established:

o Waste heat methodology proven

o Renewable solar energy source proven

Greenearth Energy Ltd (“Greenearth”) (ASX:GER) is pleased to announce that its investee company, NewCO2Fuels Ltd (Israel) (“NCF”) has advised that it has successfully completed trials to dissociate CO2 into CO and oxygen, where the heat required for the process is generated by concentrated solar radiation. The NCF team ran a continuous, test for over two hours, driving its proprietary reactor with renewable solar thermal energy. The performance of the reactor measured during these solar driven tests had a strong correlation with those announced in March using a reactor driven by excess / waste heat. These results are very encouraging and demonstrate two clear paths to market for the same NCF reactor technology – using either excess heat generated in various high-temperature industrial processes, or concentrated solar energy. NCF's groundbreaking tests are a key milestone in the path towards the financially viable production of renewable fuels and taking sustainable direct action to reduce CO2 emissions from industry, while providing a profitable use of its waste heat.

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Solar dissociation of CO2 to CO & oxygen in operation using NCF's proprietary reactor and solar receiver, at the Weizmann Institute solar-tower test facility in Israel

Solar dissociation of CO2 to CO & oxygen in operation using NCF's proprietary reactor and solar receiver, at the Weizmann Institute solar-tower test facility in Israel

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Solar concentration mirror and external view of the solar tower at the Weizmann Institute solar-tower test facility in Israel

Greenearth Energy Managing Director, Samuel Marks said:

"This is a landmark moment in the search for renewable fuels and taking sustainable direct action on CO2 emissions. In completing the solar testing, the team at NCF in Israel have proven two paths towards commercialisation of the technology. We are extremely pleased with these final tests and look forward to sharing more information on the ongoing activities of R&D and commercialisation as they develop.” Greenearth Energy Chairman, Robert Annells said:

"After nearly three years of hard work by Jacob Karni and his team and expenditure of more than US$10m, this is a momentous event. We are very pleased with the hard work and efforts to bring this to fruition and very excited about the next stages of NCF and its technology.

I would also like to thank the late Mr Les Erdi for his foresight and enthusiasm by funding the majority of this project to-date. He was a visionary.” NewCO2Fuels Ltd CEO, David Banitt said:

”We did it. We took a waste gas, derided as the key driver of climate change, and renewable energy from the sun and created a high quality, highly valuable fuel; and we are doing it in a way that is financially viable. This can be a game changer in the way the world produces clean alternatives to fossil fuels. This accomplishment joins the previous proof of the technology simulating the use of high-temperature industrial excess heat to drive the CO2 dissociation process. NCF technology can support industry to increase production and improve overall process efficiency. We have great confidence that the NCF product should have a fast market penetration”

Samuel Marks Managing Director Greenearth Energy Limited Please direct all enquiries to Samuel Marks, Managing Director, telephone 03 9620 7299 or +61 402 827 987

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About NewCO2Fuels NewCO2Fuels(NCF) is an Israeli start-up company, which was formed in 2011 by a group of scientists and entrepreneurs with the support of Greenearth Energy Ltd and the Erdi Group. NCF was formed to develop and commercialize an innovative system to profitably produce fuels from CO2 and water, using renewable high temperature heat from solar or excess heat from industry. The system is based on a technology developed at the Weizmann Institute of Science and exclusively licensed to NCF. Review video at the attached link for further information - http://www.youtube.com/watch?v=vH-YZdqB_SE NewCO2 Fuels Website - http://newco2fuels.co.il/ About Greenearth Energy Ltd Greenearth Energy Limited is a diversified Australian-based renewable energy company with interests in technology-focussed solutions in the energy efficiency and CO2-to-fuel conversion markets as well as conventional geothermal resources in Australia and the wider Pacific Rim. Greenearth Energy Ltd - http://www.greenearthenergy.com.au

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