Tuesday, August 10, 2010 3:29:07 PM
Maryland-based Martek posted revenues of $350 million in fiscal year 2008 from the sales of algae-derived nutritional supplements. The company has facilities in Colorado, Kentucky and South Carolina, producing the company’s two patented strains of microalgae that produce oils rich in docosahexaenoic acid (DHA). A similar patented process was developed for a fungus that produces an oil rich in arachidonic acid, ARA. Both DHA, an omega-3 oil, and ARA are important nutrients in infant formulas.
"Martek is pleased to partner with BP's Alternative Energy team, to combine our unique algae-based technologies and intellectual property for the creation of sustainable and affordable technology for microbial biofuel production," said Steve Dubin, Martek CEO. "BP's global leadership and commitment to alternative energy solutions complements Martek's own commitment to responsible and sustainable products and production."
"BP is very pleased to be entering this important partnership with Martek," said Philip New, CEO BP Biofuels. "As an alternative to conventional vegetable oils, we believe sugar-to-diesel technology has the potential to deliver economic, sustainable and scaleable biodiesel supplies. In partnering with Martek, we combine the world's leading know-how in microbial lipid production with our expertise in fuels markets and applications, and our more recent experience in biofuels production and commercialization."
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