Ocean Sciences enters seaweed partnership with AIC

• Ocean Sciences executed a non-binding memorandum of understanding with the Australia-Indonesia Centre to establish a seaweed value chain framework.
• The agreement carries a 12-month term and generates no immediate revenue for the company.
• The framework aims to combine Indonesian seaweed production with research networks to supply value-added products to Australia.

Ocean Sciences (ASX:OSS) executed a 12-month non-binding memorandum of understanding with the Australia-Indonesia Centre on Oct. 20 to create the Indonesia-Australia Seaweed Value Chain Partnership.

The agreement formalises an existing working relationship where the research initiative introduced the business to commercial counterparties.

The company stated that the transaction is non-binding and does not oblige either party to fund a pilot or generate immediate revenue.

Following the announcement, the Ocean Sciences share price was unchanged at $0.015.

The framework aligns with the company's Indonesian seaweed operations and its planned Seaweed Innovation and Application Centre in South Sulawesi.

In September, the business secured a three-year extension on its 3.4-hectare Takalar site lease for IDR 225 million to host its onshore cultivation tanks and laboratory.