New partnership formed for algae biodiesel aim
LCTI Low Carbon Technologies International, which focuses on clean-tech, environmental and energy efficiency sectors has signed a joint venture with US-based Sunthenoil.
The two want to develop a 1,000 acre algae-to-oil project located on a LCTI site using a technology sub-licensed through Sunthenoil from SunEco Energy of California.
The project aims to produce around 33 million gallons of biodiesel and 30 million gallons of animal feedstock supplement a year once completed. Product made through proprietary testing has been successfully tested in multiple vehicles and by a diesel fuel consumer.
‘This transaction represents an example of how we continue to execute our business model by leveraging a small portion of the company's real estate assets to secure interests in clean-tech projects and joint ventures,’ says LCTI CEO Bryan Jarnagin.