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Lootah and AlgaOil to Collaborate on Algal Biofuel
October 26, 2012
ootah Biofuels, of Dubai, and Singapore-based AlgaOil Ltd. Have announced their entry into a new joint project in which the two companies will merge their expertise to develop algal biofuels. The Memorandum of Understanding (MoU) was signed by Yousif Bin Saeed Al Lootah, CEO, Lootah Biofuels, and KlausLootah Biofuels Dieter, CEO, AlgaOil Ltd.
The agreement framework will allow Lootah Biofuels to combine its local knowledge and engineering talent with AlgaOil’s global knowledge and infrastructure for algae cultivation to produce alternative fuel production. Commenting on the partnership, Mr. Lootah said “In line with UAE’s vision for sustainable development, this project aims at developing alternate ways of extracting new raw material for biofuels. We believe that algae can be a good replacement for vegetable oil based biofuel. We are in no doubt that this partnership will take biofuel production in the region to the next level.”
“We are pleased to collaborate with a well-established partner like Lootah Biofuels to provide the future high value algae oil,” said AlgaOil’s Dieter. “Keeping in mind the extensive need for alternative fuels, we are confident that working together will bring optimal solutions to the most challenging opportunities for sustainability.”
AlgaOil will utilize its high-end research on the cultivation of microalgae and set up open ponds for bigger scale algae production. Lootah Biofuels aims to introduce and innovate sustainable solutions for the long-term energy requirements.
Lootah Biofuels will also provide this project with all the necessary local help to fast track completion of the project. Based on the success of the initial start-up, the algae oil mass production is expected to start in Dubai within the next 18 months.