China's CBEL completes equity investment in Phyco algal biofuels venture

January 10, 2011 |

In China, China Biological Engineering of Hong Kong completed the final installment of an 18% equity investment in Phyco BioSciences.  CBEL is developing projects in the Peoples Republic of China beginning with a joint venture project that is utilizing Phyco’s super trough production and harvest platform and plans rapid expansion of algae biomass projects in the PRC. CBEL is initially investing $5 million in project development and plans aggressive growth in the coming years with two projects in 2011, and a third project under negotitation.

As part of the agreement with CBEL, Phyco will hold a 15% equity interest in the the initial joint venture project and in subsequent joint venture projects, and will supply system components, provide operation supervision, biological and aquacultural support and marketing services. Phyco components for the project will be delivered to Dafeng, JaingShu Province this spring and operations are scheduled to begin by mid-2011.

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Category: International

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