GO Resources Pty Ltd (GO) – a new Australian Cleantech company – has entered into an exclusive worldwide license agreement with Australia’s national science agency, CSIRO, to commercialize its technology to produce super high oleic safflower oil (SHOSO) for the high-value industrial oil market.
The technology was developed at CSIRO through the Crop Bio-factories Initiative, a joint activity of CSIRO and the Grains Research and Development Corporation (GRDC). GO Resources said the safflower oil has the highest purity of oleic acid in any commercial crop. SHOSO has multiple applications in the bio-lubricants, biochemical and bioplastics industries and it could give opportunities for Australian farmers to grow high-value safflower in their crop rotations. The estimated value of the worldwide industrial oils and oleo-chemical market is in excess of $30 billion/year.
GO Resources will give Australian farmers access to safflower that produce very high levels of oleic acid (>92%) in the oil extracted from the seed. At the same time there is a reduction in the levels of less-desirable saturated and polyunsaturated fats. Oleic acid is a naturally occurring and industrially significant fatty acid, traditionally sourced at much lower levels from palm, tallow and oilseeds. GO Resources expects Australian commercial production to begin in 2018 and seek to expand Australian and international opportunities over time.