Seambiotic, a Tel Aviv, Israel-based cleantech start-up developing and producing marine microalgae for the nutraceuticals and biofuel industries using flue gas from electric power plants, has announced that it has signed a License Agreement and a Joint Venture Agreement with affiliates of China Guodian Corporation, to establish a Chinese joint venture for the commercial cultivation of microalgae.
China Guodian is one of China’s largest power companies with over 100 power stations. The joint venture with Seambiotic will utilize Seambiotic’s innovative technology for the cultivation microalgae for use in the animal and fish foodstock and nutraceutical industries. The first commercial farm of 12 hectares is expected to cost $10 million, will be situated in Penglai, a city in Shandong Province, China.