Stolt-Nielsen Limited picks up stake in Norway’s renewable energy research firm Seaweed Energy Solutions AS

Stolt-Nielsen Limited has acquired a stake in Seaweed Energy Solutions AS. In an announcement, Seaweed Energy Solutions AS (SES), a pioneer in the development of bio-fuels from seaweed, announced today that Stolt-Nielsen Limited has acquired a non-controlling interest in Seaweed Energy. The financial terms of the transaction were however not disclosed.

Commenting on the acquisition, Pål Bakken, Chief Executive Officer and Founder of Seaweed Energy said the investment marks an important milestone for the firm, as it welcomes Stolt-Nielsen as a strategic seed investor and shareholder in Seaweed Energy Solutions. Bakken noted that the investment will be strategic as the firm acquires an investor with expertise in the ocean. The firm will leverage on the investment to further bolster its position in the renewable energy sector through R&D.

In addition to investing in the business, Stolt-Nielsen will provide SES with certain technological and scientific expertise relevant to the successful propagation and commercial cultivation of seaweed. Founded in 2006, Seaweed Energy holds a patent for the first modern structure to allow the cultivation of seaweed on an industrial scale. Known as the Seaweed Carrier, the structure enables the large scale seaweed cultivation that is essential for creating the biomass required for the production of bio-fuels.

According to Bakken, using seaweed to manufacture bio-fuels has enormous benefits. The cultivation of seaweed, for example, does not consume scarce resources, such as fresh water and arable land, he added. Bakken said producing energy from seaweed does not consume common foodstuffs, and Seaweed Carrier puts the firm in a unique position to develop the potential of cultivated seaweed as a sustainable source of renewable energy.

Seaweed Energy Solutions is an alternative energy start-up focusing on large scale cultivation of seaweed to be used primarily for energy purposes. Seaweed Energy has operations in Norway and Portugal. Seaweed Energy’s funding includes grants from the Research Council of Norway and Innovation Norway. 

Stolt-Nielsen Limited (SNL) is a leading global provider of integrated transportation solutions for bulk liquid chemicals, edible oils, acids, and other specialty liquids through its three largest business divisions, Stolt Tankers, Stolthaven Terminals and Stolt Tank Containers. Stolt Sea Farm produces and markets high quality turbot, sole, sturgeon, and caviar.

Stolt-Nielsen Gas transports liquefied petroleum gas (LPG) with its fleet of very large gas carriers (VLGCs). Stolt-Nielsen Limited is listed on the Oslo Stock Exchange.

6 March 2011

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