BP Amoco Plc is collaborating with Martek Biosciences Corp., a company with over 20 years of experience growing algae for the nutritional supplement market, in the latest bid to bring large-scale algae biofuels to commercialization. Under the terms of the multi-year agreement, the two firms will work together to establish proof of concept for large-scale, cost-effective microbial biodiesel production through fermentation, according to the joint announcement.
The two companies announced the signing of a joint development agreement on Aug. 11. BP will contribute up to $10 million in the initial phase of the collaboration, which leverages Martek’s expertise in microbial oil production and BP’s production and commercialization experience in biofuels. Martek will perform the biotechnology research and development while BP will contribute to its integration within the biofuels value chain.
"Martek is pleased to partner with BP's Alternative Energy team, to combine our unique algae-based technologies and intellectual property for the creation of sustainable and affordable technology for microbial biofuel production," said Steve Dubin, Martek CEO. "BP's global leadership and commitment to alternative energy solutions complements Martek's own commitment to responsible and sustainable products and production."
Wednesday, August 12, 2009
BP Invests $10 million in Martek Algae Collaboration
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