Innopac Holdings Establish Joint Venture To Cultivate Microalgae And Downstream Activities

Innopac Holdings has announced the signing of a joint venture agreement with Primeforth Renewable Energy to commercially cultivate microalgae and engage in its downstream activities.

Both parties have agreed to incorporate a private limited company in Singapore, for the cultivation of microalgae using Primeforth’s proprietary patented knowhow and technologies with special focus on recovery of algae oil and fuel source, with an issued share capital of $1 million, where the group will hold 70 percent ownership and Primeforth holding 30 percent.

The group will provide the procurement of all necessary permits and approval for the joint venture as well as provide the initial financial commitment of up to US$12.5 million and additional capital required. Primeforth will be responsible for the areas of operational management relating to the execution and roll out of the joint venture company and other areas where Primeforth’s experience and expertise can materially ensure successful attainment of its business goals.

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