Stolt-Nielsen Limited Acquires Stake in Alternative Energy Start-Up
Stolt-Nielsen Limited (Oslo Børs: SNI) announced today that it has acquired through one of its subsidiaries a non-controlling interest in Seaweed Energy Solutions AS ("SES"), an alternative energy start-up focused on the development of bioethanol and biogas production from the sustainable large-scale cultivation of seaweed.
Founded in 2006, SES holds a patent for the Seaweed Carrier, the first structure to allow the cultivation of seaweed on an industrial scale that is essential for creating the biomass required for the production of biofuels, without consuming scarce resources such as fresh water and arable land.
Financial terms of the transaction were not disclosed.
Commenting on the investment, CEO Niels G. Stolt-Nielsen said "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."
Source: Stolt-Nielsen Limited