The Norwegian oil giant enters into a partnership with Berkley-based Bio Architecture Lab, a firm which is working with biofuel production from seaweed, which the company says is “the world’s lowest cost, most scalable, and sustainable source of sugars for biofuel and renewable chemicals”.
Under terms of the agreement, Statoil will fund BAL’s research and development (R&D) and demonstration projects, and if successful, the commercialization of BAL’s technology in Norway and elsewhere in Europe.
