PetroAlgae, owner of the micro-crop technology, has entered into a non-binding commercial offtake agreement with Eco-Frontier, a South Korean renewable energy developer, under which PetroAlgae is to license its micro-crop technology, designed to enable the licensee companies to produce cost-effective alternative to fossil fuels.

Eco-Frontier is planning to establish a market for biocrude products produced using PetroAlgae's system, for use in co-firing energy facilities in South Korea and the rest of Asia. In order to achieve this, Eco-Frontier is willing to purchase 850,000 metric tons of biocrude, over three years, beginning in 2012.

[source: PetroAlgae]