Issue Date: August 17, 2009
BP And Martek Join For Algae Biofuel
BP has signed a development agreement with Martek Biosciences to use algae to produce biodiesel from sugar. BP will contribute up to $10 million to the initial phase of the collaboration along with expertise in fuel markets and applications, and Martek will perform biotechnology R&D. Martek has a 20-year history of producing omega-3 and omega-6 fatty acids from algae for use in infant formula, foods, beverages, and nutritional supplements.
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