Innopac Holdings, which a 90% stake in a natural gas distribution company in Dezhou, China and has investments in real estate, real estate development and equities, has formed a joint venture company with Primeforth Renewable Energy Private Limited to commercially cultivate microalgae and engage in its downstream activities which include the production of biofuel, pharmaceuticals and nutraceuticals.
Microalgae is a sustainable source of bio-crude and an ingredient used in pharmaceuticals, nutraceuticals, cosmetics and aquaculture. Algae bio-crude is used to manufacture a range of fuels including gasoline, diesel or jet fuel, which meet current emission and quality standards and specifications.
Primeforth is headed by Peter Kim Jae Hoon who holds six patents for the cultivation and harvesting of microalgae and is experienced in the construction and operation of bio-diesel production plants in Japan, South Korea and the USA.
The 70-30 JV company, with an issued share capital of $1,000,000, will cultivate and process microalgae using Primeforth’s proprietary technologies, with special focus on the recovery of algae oil. The first facility will be located in Singapore while the two companies explore expansion options in Malaysia.
Innopac says it will provide the initial and additional capital for the JV company from time to time, and shares will be allocated to the shareholders in accordance with the shareholding ratio.
It will also provide assistance in the areas of business development and financial management, while Primeforth will primarily be responsible for the operational management of the project, and other technical matters.
Innopac’s shares closed unchanged at 0.4 cents on Sept 22.
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Microalgae is a sustainable source of bio-crude and an ingredient used in pharmaceuticals, nutraceuticals, cosmetics and aquaculture. Algae bio-crude is used to manufacture a range of fuels including gasoline, diesel or jet fuel, which meet current emission and quality standards and specifications.
Primeforth is headed by Peter Kim Jae Hoon who holds six patents for the cultivation and harvesting of microalgae and is experienced in the construction and operation of bio-diesel production plants in Japan, South Korea and the USA.
The 70-30 JV company, with an issued share capital of $1,000,000, will cultivate and process microalgae using Primeforth’s proprietary technologies, with special focus on the recovery of algae oil. The first facility will be located in Singapore while the two companies explore expansion options in Malaysia.
Innopac says it will provide the initial and additional capital for the JV company from time to time, and shares will be allocated to the shareholders in accordance with the shareholding ratio.
It will also provide assistance in the areas of business development and financial management, while Primeforth will primarily be responsible for the operational management of the project, and other technical matters.
Innopac’s shares closed unchanged at 0.4 cents on Sept 22.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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