Parabel gains 10-project master agreement for biocrude, protein in China

In Florida and China, Parabel (formerly known as PetroAlgae) announced that it has finalized a restated Master Framework Agreement with CECEP—Chongqing Industry, for the implementation of its technology in China as well as around the world, to include the eventual joint completion of ten 5,000-hectare commercial-scale units.

The agreement provides for the construction and operation of a micro-crop scientific research program in Hainan Province, China.  After the success of the research program, build-out of ten commercial-scale units of approximately 5,000 hectares will be implemented step by step at locations to be determined around the world.

The company said that its protein product could qualify as the first major new plant protein source for humans since soy entered the human diet in the 1950s, while third-party tests have confirmed the value of Parabel’s animal feed applications in aquaculture, poultry, swine, and dairy cattle diets. Parabel’s Biocrude is planned as a local feedstock for renewable “drop-in” fuels.