COLUMBIA, Md., Aug. 11 /PRNewswire-FirstCall/ -- BP and Martek Biosciences Corporation (Nasdaq: MATK), today announced the signing of a Joint Development Agreement (JDA) to work on the production of microbial oils for biofuels applications. The partnership combines a broad technology platform and operational capabilities to advance the development of a step-change technology for the conversion of sugars into biodiesel.
Under the terms of the multi-year agreement, Martek and BP will work together to establish proof of concept for large-scale, cost effective microbial biodiesel production through fermentation.
"Martek is pleased to partner with BP's Alternative Energy team, to combine our unique algae-based technologies and intellectual property for the creation of sustainable and affordable technology for microbial biofuel production," said Steve Dubin, Martek CEO. "BP's global leadership and commitment to alternative energy solutions complements Martek's own commitment to responsible and sustainable products and production."
"BP is very pleased to be entering this important partnership with Martek," says Philip New, CEO BP Biofuels. "As an alternative to conventional vegetable oils, we believe sugar to diesel technology has the potential to deliver economic, sustainable and scaleable biodiesel supplies. In partnering with Martek, we combine the world's leading know-how in microbial lipid production with our expertise in fuels markets and applications, and our more recent experience in biofuels production and commercialization."
The technology has been demonstrated in Martek's field for more than 20 years and the challenge is to adapt this technology to the needs of the biofuels market, in terms of product profile and economics.
Philip New added, "Th
|SOURCE Martek Biosciences Corporation|
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