HR BioPetroleum Inc.  a developer of algae-based biofuels and bioproducts in Hawaii, said it has changed its name to Cellana Inc. and named a new CEO.

Martin Sabarsky who held various executive positions at the company was promoted to chief executive officer, Cellana said in a news release. Sabarsky has served as the chief financial officer and chief operating officer of HRBP since August 2008 Sabarsky replaces Ed Shonsey, who will remain on Cellana’s board of directors.

Cellana also announced the appointment of former Hawaiian Electric Co. CEO Michael May to its board. May, the founder of T. Michael May Advisor Services, was CEO of HECO from 1995 to 2009.

In 2007, HRBP and Royal Dutch Shell PLC, formed Cellana as a separate joint venture to build and operate a six-acre demonstration facility in Kona to grow marine algae and produce vegetable oil for conversion into biofuel. HRBP bought out Shell’s stake to become the sole owner of Cellana LLC in January.