BP8 Global Ltd (ASX:BP8) has marked a key operational milestone in its development and marketing of Indonesian seaweed, with the first shipment of product to MSC Ltd, a South Korean food ingredient manufacturer.
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The shipment was arranged under the umbrella of BP8’s Sales Cooperation Agreement with PT. Kebula Raya Bestari, which will see the latter handle logistics and supply arrangements for the product.
MSC plans to use the product – to be delivered as 60 metric tonnes of Indonesian seaweed biomass – to make carrageenan, an additive used to thicken and stabilise food products.
BP8’s managing director, Matthew Leonard, said achieving the first shipment indicated the partnership with PT. Kebula Raya Bestari was on the right track.
“We are pleased to announce our first shipment under the Sales Cooperation Agreement with Kebula, which demonstrates the practical progress of our strategic partnership,” BP8’s boss explained in a market release today.
“Kebula’s role in managing logistics is enabling BP8 to efficiently connect Indonesian seaweed supply with international customers like MSC.”
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Mr Leonard added: “We look forward to building on this initial transaction as we continue to expand our supply network.”
BP8 rose 25% after the news and is now trading around 0.2cps.
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