Statoil will fund BAL’s research and development and demonstration projects, and if successful, will also fund the commercialization of its 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.
During the initial phase of the partnership, BAL is responsible for developing the technology and process to convert Norwegian seaweed into ethanol, and Statoil is responsible for developing and managing the seaweed aquafarming operations, with consultation from BAL.
BAL CEO Daniel Trunfio said that this partnership will allow BAL to accelerate its path toward commercialization and establish its technology in key European markets.
