The Australian company, Advanced Algal Technologies, has signed a $us100 million joint venture agreement with China’s Fuzhou Xiangli Enterprise Management Consulting to use Advanced Algal’s patented conveyor system of algae farming.
The company’s algae cultivation process will be used to help reduce carbon dioxide emissions in manufacturing plants in China. The agreement provides a license to build 500 modular conveyor units a year for 20 years.
The Sydney company says its conveyor system allows algae to double in mass every twenty-four hours – a growth rate which it says surpasses all other current commercial processes. The harvested algae can be used as biofuel, animal feed, high-protein food products for human consumption or pharmaceuticals.