Neste Oil and RAE Sign Algae Oil Offtake Agreement
July 9, 2014http://www.biodieselmagazine.com/articles/112602/neste-signs-algae-oil-offtake-agreement-with-us-based-rae
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Neste Oil and Renewable Algae Energy (RAE), a U.S.-based algae biomass producer, have signed a commercial algae oil offtake agreement. Algae oil is one of the alternatives being researched by Neste Oil for use as feedstock for renewable diesel in the future.
This agreement with RAE secures Neste Oil future access to a cost-effective supply of industrial volumes of algae oil. On the other hand, it will require RAE to increase its algae oil production capacity as well as to comply with biofuel legislation requirements in the US and European Union. RAE anticipates that they will be capable of commercial scale volumes of algae oil by 2016.
"Algae oil is well suited for producing Neste Oil's renewable products," said Lars Peter Lindfors, senior vice president of technology for Neste Oil. "The agreement we have just signed is yet another step in our constant work to support the commercialization of the algae industry and to take part in research on new, sustainably produced feedstocks."
Neste Oil has also previously announced an agreement with another algae producer and partnerships with various university-led algae research projects under way in Australia and in Europe.
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