The aim is to commercialise ethanol biofuel derived from macroalgae grown off the coast of Norway.
Statoil will fund BAL’s seaweed biofuel R&D and demonstration projects and if successful, Statoil will also fund the commercialisation in Europe. BAL will have the right to equity participation and will receive royalties on all ethanol biofuel and by-products produced under the partnership.
“This game changing partnership will allow Bio Architecture Lab to accelerate our path toward commercialisation and establish our technology in key markets in Europe,” says Daniel Trunfio, CEO at BAL.
“The significant commitment of resources and funds from Statoil further validates BAL’s market opportunity and puts us with an elite group of companies in our industry who have partnered with established oil and gas companies to bring technology to market.”
BAL will develop the technology and processes needed to convert Norwegian seaweed into ethanol biofuel. Statoil is responsible for developing and managing the seaweed aquafarming operations.
If successful, Statoil and BAL will develop a seaweed biofuel demonstration facility in Norway.
“Statoil has a unique competitive advantage in energy production in the marine environment. We are very impressed with the science and the progress BAL has made and we believe their approach to low cost and sustainable biomass feedstock solutions is among the most promising we have seen,” says Guntis Aboltins-Abolins, Head of the Future Fuel unit at Statoil.