Seambiotic announced that it has signed a License Agreement and a Joint Venture Agreement with Yantai Hairong Electricity Technology and Penglai Weiyuan Science & Trading, companies associated with China Guodian Corporation, to establish a Chinese joint venture for the commercial cultivation of microalgae.

Under the agreement, Seambiotic will provide its 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, and will be situated in Penglai. The plant will utilize carbon dioxide from the Penglai power station and is planned to become operational during 2010. Additional farms are also planed to be established based upon a pre-agreed timetable…

[source: Seambiotic]