Sep 21 2010
Statoil and BAL (Bio Architecture Lab) have announced a strategic partnership towards the production of low-cost, sustainable and renewable ethanol that is derived from macroalgae cultivated off Norway’s coast. Under this agreement, Statoil will be funding the R&D as well as the demonstration projects of BAL while also funding BAL’s technology commercialization in Europe and Norway.
The agreement gives BAL the right towards equity participation while also receiving royalties for all the ethanol as well as the by-products that are produced by this partnership. During the first stage of this collaboration, BAL will be responsible towards developing the process and the technology for converting Norwegian seaweed to ethanol.
Statoil will be responsible for managing and developing seaweed aquafarming operations under consultation from BAL. Upon successfully achieving key milestones, BAL and Statoil will be developing in Norway their demonstration-scale facility which will eventually be converted into large-scale commercialization in Europe.
Source: http://www.statoil.com/