Martek Biosciences Inks $10 Million Dollar Deal With BP

Posted Aug 13, 2009

Martek Biosciences is a company that has been growing algae in order to convert it into biofuels.  The company recently made a $10 million deal with BP for joint development of their technology.  Martek uses fermentation to derive the fuels.  BP and Martek hope to make their research commercial in order to solve today’s biofuel problems.

Martek will pass on the research already conducted over to BP in order to scale both of the company’s efforts.  Both of the companies will return the I.P. throughout the partnership course.  However Martek will have an exclusive license to market the technology to other sectors in order to remain competitive.

This deal is similar to what deals that other major oil companies have made with biofuel companies. For example, Exxon Mobil signed a $600 million deal with Synthetic Genomics. And last year Dow Chemical and Algenol Biofuels partnered to find out how algae can turn CO2 into ethanol.

[via VentureBeat]