Chitose Bio, JXTG to boost algae biomass output in Malaysia
SINGAPORE, NNA - Japanese bio technology venture Chitose Bio Evolution Pte. Ltd. is joining forces with JXTG Holdings Inc. to promote the cultivation and development of algae biomass mainly in Malaysia.
The Singapore-based Chitose Bio received an undisclosed investment, equivalent to 3.8 percent stake, from JXTG Innovation Partners Godo Kaisha, a wholly owned investment arm of the major Japanese oil, gas and metal mining firm, in March, Chitose Bio spokeswoman Yu Deguchi told NNA.
The two companies aim to expand algae cultivation in Malaysia while looking into the feasibility of potential algae applications for fuels, feeds and functional materials, Deguchi said.
They picked Malaysia because Chitose Bio provided technical support last year to build an algae pilot plant in northern Borneo, initiated by major Japanese trading house Mitsubishi Corp.
Chitose Bio has expertise in utilizing micro-organism, algae and mammalian cell and operates in industries such as energy, food and agriculture in Southeast Asian countries. (NNA/Kyodo)