Statoil and Bio Architecture Lab commercializing macroalgae-to-ethanol process
Bio Architecture Lab (BAL) and Statoil have a wide-ranging strategic partnership for the production of renewable, sustainable and low cost ethanol derived from macroalgae grown off the coast of Norway. Under terms of the agreement, Statoil will fund BAL’s research and development (R&D) and demonstration projects, and if successful, will also fund the commercialization of BAL’s technology in Norway and elsewhere in Europe. BAL will have the right to equity participation and will receive royalties on all ethanol and by-products produced by the partnership.
“This game changing partnership will allow Bio Architecture Lab to accelerate our path toward commercialization and establish our technology in key markets in Europe,” said Daniel Trunfio, CEO of Bio Architecture Lab. “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.”
During the initial phase of the partnership, BAL is responsible for developing the technology and process to convert Norwegian seaweed into ethanol. Statoil is responsible for developing and managing the seaweed aquafarming operations, with consultation from BAL, which already has aquafarming operations in Chile. Upon the successful achievement of key milestones, Statoil and BAL will develop a demonstration scale facility in Norway, which could potentially lead to large scale commercialization by Statoil in Norway and other parts of Europe.
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