StockMarketWire.com - Biodegradable plastics group Symphony Environmental Technologies said it had signed a collaboration agreement and commitment to a strategic investment with France's Eranova.

Eranova had developed a unique technology and process, which extracts starch from algae for use with other materials, the company said.

It would initially pay €500,122 for an 8% shareholding in Eranova, with an option to increase its shareholding to 51%, exercisable in one or more tranches within three years after the initial investment.

Symphony Environmental said Eranova's starch could be used to produce compounded resins which are compostable and biodegradable.

In addition, the technology could be developed to produce biofuel, biopolymers, proteins for food and animal feed stock, as well as by-products for the pharmaceutical and cosmetic industries, the company said.



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