Zembra signs Letter of Intent with Aqua Bio Technology
UncategorizedAqua Bio Technology, ZembraSeptember 28, 201683 Commentsbeboys
Zembra Ltd and Aqua Bio Technology ASA of Norway have signed a letter of intent for the commercialization of products from olive oil production. Based on a license agreement, ABT will initiate product development aimed at offering sustainable technology and products to the cosmetics industry.
Zembra has identified several applications for biomass from the production of olive oil. The olive residue is traditionally considered as waste. However, the potential value of the material is now being recognized. Zembra has identified several new applications, such as horticultural soil conditioning, biofuel and olive oil biomass used as a hand cleaning agent. According to the letter of intent, ABT will start a testing procedure in order to establish the potential of Zembra’s substance in skin care products. More specifically, ABT will investigate the exfoliating properties of olive oil biomass, i.e. the ability to remove dead skin cells. If proven successful, olive oil biomass might replace the small plastic beads often used in skin care products today. These beads are not sustainable and represent an increasing environmental problem, as they accumulate in the oceans after being washed off into the sewers. The collaboration with ABT reflects Zembra’s strategy for developing new products by partnership with third parties. Over the coming months, ABT will carry out testing of Zembra’s products in order to establish its safety profile and efficacy in relation to skin care applications. The agreement does not include any initial payments. ABT will carry the costs related to the testing of Zembra’s technology for skin care applications, and Zembra will receive payments when the product has reached commercial use. The letter of intent with Zembra is ABT’s second in-licensing agreement this year.
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