CHITOSE GROUP SECURES FUNDING FOR GREEN INNOVATION FUND PROJECT WORTH US$400 MLN

KUALA LUMPUR, April 12 (Bernama) -- Chitose Laboratory Corp, the core company of the CHITOSE Group (CHITOSE), has won funding from a Japanese government-affiliated entity for the "Green Innovation Fund Project (GI Fund): Promotion of Carbon Recycling Using CO2 from Biomanufacturing Technology as a Direct Raw Material".

In a statement, CHITOSE said the total project cost is approximately US$400 million, and the implementation period is scheduled from fiscal year (FY) 2023 to FY2030. (US$1=RM4.41)

A project on the self-proposed theme of "Building a global industry originating in Japan based on the direct use of CO2 through photosynthesis", CHITOSE has been selected as a prospective implementing agency for this theme by the New Energy and Industrial Technology Development Organization.

Under the GI Fund project theme, CHITOSE will develop the algae production technology on a 100-hectare production scale with focus on both economic rationality and environmental sustainability, and on the development of a wide range of applications.

The applications such as chemical products, toiletry, fuels, feeds and foods use microalgal biomass produced directly from carbon dioxide (CO2) as a raw material.

CHITOSE will promote the establishment of a global algae-based industry originating from Japan, and contribute to the realisation of zero carbon emission by 2050 as advocated by the Japanese government, via these business activities.

This project will be implemented with 34 partner companies of the MATSURI (meaning festival in Japanese) project operated by CHITOSE, Sumitomo Mitsui Banking Corporation, Hiroshima University, Nagaoka University of Technology, Nagoya University and Institute of Microalgal Technology, Japan.

In addition, CHITOSE will start raising private funds in order to accelerate this project through the GI Fund.

CHITOSE is collaborating with other companies/organisations in various positions and industries through the MATSURI project to build a new algae-based industry to replace the petroleum-based industry.

-- BERNAMA