Beckons Industries Ltd jointly with GTZ of Germany will work towards setting up a facility for production of algae feedstock for commercial-scale biodiesel projects.
Under the agreement, GTZ will cooperate with Beckons for setting up a centre of excellence and a facility for production of algae feedstock for biodiesel in India.
The centre will validate and demonstrate technology for production of algae feedstock for effectively dealing with renewable energy and CO2 reduction, Beckons said in a filing with the Bombay Stock Exchange (BSE).
Beckons said its high-yielding algae farms could recycle carbon dioxide from flue gases to produce biofuels and feed, reducing net carbon dioxide production and turning waste into profitable business.
Harvesting algae for biofuels enhances domestic fuel production while mitigating the problem of increasing carbon dioxide levels, according to Beckons.
This, the company says, helps to profitably sequester CO2 without the use of expensive technology.