BP And Martek Biosciences Reach Biofuel Research Deal (BP,MATK)

8/11/2009-BP (NYSE:BP) and Martek Biosciences (NASDAQ:MATK) announced Tuesday that they had reached an agreement to develop technology used to produce microbial oils for biofuels applications. According to terms of the deal, BP will contribute an upfront payment of $10 million while Martek will perform the biotechnology research and development. "Martek is pleased to partner with BP's Alternative Energy team, to combine our unique algae-based technologies and intellectual property for the creation of sustainable and affordable technology for microbial biofuel production," said Steve Dubin, Martek CEO. "BP's global leadership and commitment to alternative energy solutions complements Martek's own commitment to responsible and sustainable products and production."

Write to Chip Brian at cbrian@tradethetrend.com

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