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Oil refiner Eneos Holdings Inc. and Honda Motor Co. are among a group of more than 35 Japanese companies and institutions that have banded together to try to tap the potential of microalgae to help replace fossil fuels and to provide an array of food and consumer goods products.

By banding together under an initiative called Matsuri (Microalgae Towards Sustainable & Resilient Industry), the group is hoping to create enough demand for the phytoplankton to make a large-scale algae farm viable in Malaysia.

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