Jul 28 2010
PetroAlgae Inc, an alternative energy company that licenses the use of its micro-crop technology worldwide, has signed an agreement with Eco-Frontier a Seoul based cleantech management and renewable energy developing company through its subsidiary company PA LLC.
The micro-crop technology designed and licensed by PetroAlgae permits the production of surrogates to fossil fuel and high value protein as a derivative and absorbs CO2 from the atmosphere to reduce the green gas emissions.
As per the clauses of the agreement Eco-Frontier has conveyed its disposition to assist PetroAlgae system by unearthing viable markets for the biocrude products used in co-firing energy applications in Korea and other places. On finding the market viability and satisfying certain other laid out conditions, Eco-Frontier is expected to concur for the purchase of 850,000 metric tons of biocrude from PetroAlgae licensees for three years from the beginning of 2012.
Dr. John Scott, PetroAlgae’s Chairman and CEO, observed Eco-Frontier as a branded cleantech management company in the region with a defined business script for growth and teamwork. He added the signing of the agreement is of the biggest of its kind and the decision of Eco-Frontier to choose PetroAlgae’s biomass output should be considered as a support for the micro-crop technology for renewable fuels.
Mr. Hae-Bong Cheoung, who leads Eco-Frontier as its CEO, was excited about the signing of the agreement with PetroAlgae to promote biocrude products.
Source: http://www.petroalgae.com/