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Stolt-Nielsen Limited has said that it is looking to help develop alternative sources of energy for the propulsion of its fleet following the acquisition earlier this month of Seaweed Energy Solutions AS.

Norway-based Seaweed Energy Solutions is an alternative energy start-up focused on the development of bioethanol and biogas production from the sustainable large-scale cultivation of seaweed.

Founded in 2006, the company holds a patent for the Seaweed Carrier, the first structure to allow the cultivation of seaweed on an industrial scale that is essential for creating the biomass required for the production of biofuels, without consuming scarce resources such as fresh water and arable land.

Commenting on the company's ship propulsion strategy, CEO Niels G. Stolt-Nielsen said: "The propulsion of our entire fleet is based on petroleum. The raw material for many of our cargoes is petroleum. I feel it is our duty, as well as being in our interest, to help develop alternative sources of energy and raw materials. Through our experience as shipowners and fish farmers, we know a lot about the sea and wish to put that knowledge to work helping to make seaweed such a source."