Statoil has agreed to co-fund SES for ongoing technology development. The agreement includes plans for a large-scale demonstration project. It marks the first time that SES has won the backing of a leading energy company for its plan of developing seaweed as an important source of energy. Funding details were not announced.
“We are pleased that Statoil believes in seaweed as a future energy crop and that Statoil trusts our technology and our team to make large-scale cultivation of seaweed a commercial reality. We welcome Statoil's valuable experience in offshore oil & gas and marine renewables,” said Pål Bakken, chief executive and founder of SES.
SES is a pioneer in the development of cultivated seaweed as an alternative energy source, the cornerstone of its technology being the patented Seaweed Carrier, a large purpose-built underwater structure for cultivating seaweed for mass production.
SES is currently carrying out cultivation tests at various locations off the coasts of Norway and Portugal with the support of Stolt Sea Farm, a leader in aquaculture, and Aqualine, a major global supplier of flexible aquaculture structures. It also has partnerships with a number of scientific institutions in Norway and Portugal.