PetroAlgae Inc. a leading renewable energy company that licenses its commercial micro-crop technology globally, today announced that it has signed, through its operating subsidiary PA LLC, a Non-Binding Commercial Offtake Agreement with Eco-Frontier, a leading cleantech management firm and Asian renewable energy developer based in Seoul, Korea.
PetroAlgae’s micro-crop technology is designed to enable its licensees to produce a cost-effective alternative to fossil fuels as well as a high-value protein co-product, while absorbing CO2 from greenhouse gas emissions.
Under the Agreement, Eco-Frontier has expressed its willingness to establish a market for biocrude products produced by the PetroAlgae system for use in co-firing energy applications in Korea and in other markets. Depending on the satisfaction of a number of different conditions, Eco-Frontier would be prepared to commit to purchase from PetroAlgae’s licensees up to 850,000 t of biocrude over a three year period beginning in 2012.
“Eco-Frontier is the leading cleantech management firm in their region, and they have a proven business model for growth and collaboration,” said Dr. John Scott, Chairman and CEO of PetroAlgae. “This offtake agreement is one of the largest of its kind, and the choice of our biomass output by Eco-Frontier is a strong endorsement of our micro-crop technology for renewable fuels.”
Mr. Hae-Bong Cheoung, CEO of Eco-Frontier added, “I am very excited by this relationship and look forward to closely working with PetroAlgae in promoting the market for biocrude products.”
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/27072010/petroalgae_signs_offtake_agreement_with_eco-frontier/