World Health Energy Holdings, Inc. has signed a Letter of Intent with Prime Inc. India to develop a biodiesel production facility of up to 250 acres, with a budget of up to $100m.
World Health Energy is a public holding company developing joint venture partnerships for algae production for biodiesel and commercial fish food, and Prime Inc. India is an industrial and transport company.
The proposed sites for development are in Tamil Nadu and Karnataka, India and will utilise an Algae Enhancement Technology, known as the GB3000 system, used for growing algae for the production of fish feed, proteins and biofuel in India.
Liran Kosman, CFO of World Health Energy, said: "We look forward to working with Prime Inc. India in the design, development and support of a cost-efficient algae production farm. We anticipate scaling up operations and completing a number of significant algae projects in 2012."
World Health Energy recently acquired GNE-India, an algae technology company with the distribution and licensing rights to the GNE GB3000 system, to grow algae quickly and efficiently for the production of biodiesel and commercial fish food protein. GNE-India owns and retains the territorial rights for distribution and sales of the proprietary technology to both India and Sri Lanka. The company has exclusive distribution and licensing rights to the GNE GB3000 system in India and Croatia. Earlier this year, the GB3000 system was used to grow a combination of local algae species, as well as Chlorella, targeting the product to the fish feed and biodiesel markets.
World Health Energy is focused on biofuels produced from algae, which is said to boast substantially higher yields in comparison to ethanol derived from corn, rapeseed, jatropha and palm oil. In addition, the company is pursuing an ancillary use of algae - the efficient production of high-protein fish feed for commercial fish farms.
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