The company anticipates that the full commercial and technology agreements will be closed within sixty days.
GNE-USA will use GNE’s patented algae growing systems to produce bio-diesel oil.
The GNE systems both reduce the cost of growing the algae and reduce the costs of extracting the oil used for diesel fuel production.
Currently, the US diesel consumption is estimated at 18.9 billion barrels a day, according to the company.
GNE CEO Chaim Lieberman said that both the GNE system for growing algae and the process for extracting the bio-fuel are much more advanced than competing solutions.
"We have developed and patented a significant improvement in the process of breaking down the molecules need for cost-effective and efficient fuel use," Lieberman said.
