PetroAlgae has recently announced that they have signed a memorandum of understanding with Asesorias e Inversiones Quilicura (AIQ) that will allow AIQ to license PetroAlgae’s algae production system for commercial scale use.
PetroAlgae has signed a memorandum of understanding with Asesorias e Inversiones Quilicura (AIQ) that will allow development in Chile of a micro-crop technology system for large-scale production of green gasoline, diesel and jet fuel.
Financial terms were not released.
Under the agreement, AIQ has acquired an option to purchase from PetroAlgae a standard license to build a full micro-crop technology system for commercially producing biofuels and high-value protein.
Micro-crops include algae, diatoms, micro-angiosperms and cyanobacteria, among others.
PetroAlgae says micro-crops produce yields 25 to 100 times more productive than macro-crops such as corn, soybeans and sugar cane, which are used as feedstocks for ethanol and biodiesel. Harvesting takes place every few hours in open ponds reactors.
Looks promising. Check out PetroAlgae’s website for their full press release.