Financial terms were not released.
Under the agreement, AIQ has acquired an option to purchase from PetroAlgae a standard license to build a full micro-crop technology system for commercially producing biofuels and high-value protein.
Micro-crops include algae, diatoms, micro-angiosperms and cyanobacteria, among others.
PetroAlgae says micro-crops produce yields 25 to 100 times more productive than macro-crops such as corn, soybeans and sugar cane, which are used as feedstocks for ethanol and biodiesel.
