VIENNA, June 19, 2012 /PRNewswire/ -- SEE ALGAE Technology GmbH ("SAT" or the "Company"), a leading developer of infrastructure for the commercial production of high-quality algae, announced today that it had signed an agreement to supply and install a 1 hectare "dual-use" algae production plant for Recife, Brazil-based Grupo JB ("JB"), one of the leading bioethanol producers in Brazil. Once operational, this farm will primarily be utilized to produce algae biomass and bioethanol from both natural and genetically modified algae strains. Algae biomass is used as a replacement for soybean meal in feed for livestock and fish. This production process will also yield algae lipids which can be used to make biodiesel and certain biochemicals, among other compounds.
Under the 8 million euro agreement, SAT will design an algae farm and provide its algae cultivation technology to JB, oversee the farm's installation, and ensure the farm's initial productivity.
Separately, SAT has also entered into a joint venture (JV) with Grupo JB to market the Company's algae production technology in Brazil. The JV, "ALGAS DO BRASIL," will make use of JB's extensive commercial contact network to enhance SAT's marketing efforts. ALGAS DO BRASIL will be 63% owned by SAT and 37% owned by JB.
"We are truly proud to have Grupo JB as not only the first commercial customer for our micro-algae production technology, but also as a strategic marketing partner," said Dr. Joachim Grill, CEO of SEE ALGAE Technology. "We believe," he continued, "that this marks a significant step forward in the evolution of our Company and validates both our exclusive technology and the commercial viability of algae, especially for use in feed and biofuels. With Grupo JB as our strategic partner in Brazil, we expect to take a leadership position in this exciting technology."
About SEE ALGAE Technology GmbH
SEE ALGAE Technology GmbH (SAT), based in Vienna, Austria, develops infrastructure for the commercial production of high-quality algae used to manufacture livestock feed, bioethanol and biodiesel fuel. SAT's proprietary, patented technology is easily scaled to meet customers' needs and has the highest production yield and lowest operating cost of any currently available commercial process.
SOURCE SEE ALGAE Technology GmbH