The joint venture, GNE USA, will use GNE’s patented algae growing systems to produce bio-diesel oil.
According to the companies, full commercial and technology agreements will be closed within sixty days.
Solar Acquisition Corp director Bruce Levy said that GNE-USA will come out of the gate with a strong competitive advantage in its exclusive right to the GNE patented technology.
"We expect GNE-USA to have high volumes and low costs driven by this technology," Levy said.
The companies claim that the GNE systems both reduce the cost of growing the algae and significantly reduce the costs of extracting the oil used for diesel fuel production.
