Chief executive Niels Stolt-Nielsen told investors: "The propulsion of our entire fleet is based on petroleum. The raw material for many of our cargoes is petroleum. I feel it is our duty, as well as being in our interest, to help develop alternative sources of energy and raw materials.
“Through our experience as shipowners and fish farmers, we know a lot about the sea and wish to put that knowledge to work helping to make seaweed such a source." The company confirmed the deal in a filing with the Oslo bourse but did not disclose the dollar value of the investment.
With offices in Norway and Portugal, SES holds a patent for an invention that harvests seaweed on an industrial scale.
Published: 18:24 GMT, 03 Mar 11 | updated: 18:24 GMT