NTR has teamed up with North American-based ethanol business, Green Plains Renewable Energy, in a bid to progress their commitment towards next generation biofuels.
The joint venture has been called BioProcess Algae LLC and will revolve around carrying out research and development into the commercialisation of algae production.
Jim Barry, the chief executive of NTR, said: “While it is at a formative stage, we see this venture as being an important commitment on our part to advancing understanding of the possibilities of commercial production of algae as an alternative biofuel and as a carbon sequestration agent.”
Wayne Hoovestol, chief executive of Green Plains, added: “Algae is potentially a by-product of ethanol that makes the process cleaner and greener through carbon sequestration.”
NTR was founded in 1978 to develop and operate Ireland’s first toll road and has grown to become involved in renewable energy and sustainable waste management.