Florida, United States — Korean renewable energy developer, Eco-Frontier has signed a non-binding offtake agreement to purchase biocrude produced through Florida-based PetroAlgae’s micro-crop technology.
The agreement that the two companies signed means that Eco-Frontier is willing to establish a market in Korea and other areas for biocrude produced by the PetroAlgae system (used in co-firing energy applications).
If all goes according to expectations, Eco-Frontier said that it would be prepared to commit to purchase from PetroAlgae’s licensees up to 850,000 metric tons of biocrude over a three-year period beginning in 2012.
Now the companies need to sign up companies to actually license the technology.
“This offtake agreement is one of the largest of its kind, and the choice of our biomass output by Eco-Frontier is a strong endorsement of our micro-crop technology for renewable fuels,” said Dr. John Scott, Chairman and CEO of PetroAlgae.