Boustead, Next Generation to develop algae plantation
BOUSTEAD Holdings Bhd and Next Generation Oil Sdn Bhd (Next Gen) are jointly developing a new economic ecosystem with the use of renewable algae biofuel technology.
Boustead group MD Datuk Seri Mohammed Shazalli Ramly said both companies will develop the algae plantation and produce carbon-neutral crude algae oil that will help reduce greenhouse gas emitted by traditional fossil fuels.
“This includes the development of the world’s first 1,000-acre (405ha) algae plantation for the cultivation of algae, harvesting of algae biomass and the subsequent extraction of 1.8 million metric tonnes crude algae oil annually.