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Seambiotic and Chinese Power Company to Build $10 Million Commercial Microalgae Farm in China

December 2, 2009

ASHKELON, Israel, December 2 /PRNewswire/ — Seambiotic, a global leader
in the development and production of marine microalgae for the nutraceuticals
and biofuel industries using flue gas from electric power plants, has
announced that it has signed a License Agreement and a Joint Venture
Agreement with Yantai Hairong Electricity Technology Ltd. and Penglai Weiyuan
Science & Trading Ltd., companies associated with China Guodian Corporation,
to establish a Chinese joint venture for the commercial cultivation of
microalgae.

China Guodian (http://www.cgdc.com.cn) is one of China’s largest power
companies with over 100 power stations. The joint venture with Seambiotic
will utilize Seambiotic’s unique technology for the cultivation of a number
of types of microalgae for use in the animal and fish foodstock and
nutraceutical industries. The first commercial farm of 12 hectares is
expected to cost $10 million, will be situated in Penglai utilizing carbon
dioxide from the Penglai power station and is planned to become operational
during 2010. The agreement contemplates additional farms to be established
based upon a pre-agreed timetable.

“The joint venture with Yantai Hairong and Penglai Weiyuan is a major
development for Seambiotic,” said Daniel Chinn, Seambiotic CEO. “Partnering
with such significant companies validates our model of working with important
power companies around the world, and we look forward to working with our
Chinese partners in establishing the first farm and commercializing our
product.”

Seambiotic (http://www.seambiotic.com) was founded in 2003 in cooperation
with the Israel Electric Corporation (IEC) to grow and process marine
microalgae for the nutraceutical and biofuel industries while acting as a
carbon capture technology. Seambiotic’s research efforts are performed at a
pilot plant at IEC’s power station near Ashkelon, Israel, where various
species of marine microalgae have been successfully cultivated using the
power station’s CO2 emissions released directly from their smokestacks; the
microalgae are in turn sold into the nutraceutical market or used as
feedstock for animal or fish and biofuel. Seambiotic’s technology reduces the
cost of microalgae production significantly while lowering global warming by
reducing industrial CO2 emissions. The company is currently in transition
from the pilot plant stage to commercial scale algae cultivation and
production.

    Contact:

    Osnat Dobzinski
    +972-3-6911688
    Osnat@seambiotic.com

SOURCE Seambiotic Ltd.


Source: newswire



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