Seambiotic to build US$10 million commercial microalgae farm

Seambiotic, a global leader in the development and production of 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 Yantai Hairong Electricity Technology Ltd. and Penglai Weiyuan Science & Trading Ltd., companies associated with China Guodian Corp., to establish a joint venture. The joint venture with Seambiotic will utilize Seambiotic’s unique technology for the cultivation of a number of types of microalgae for use in the animal and fish foodstock and nutraceutical industries. The first commercial farm of 12 hectares is expected to cost US$10 million and will be situated in Penglai, utilizing carbon dioxide from the Penglai power station. It will become operational in 2010. (December 2, 2009)