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What is sitekey? Can websites with aggressive advertisement abuse it and be considered as non-intrusive advertisement.

No. It can only be used if you have the right private key - and so far only one company has it (they have way too many domains, adding all of them to the list wouldn't be possible). We have a contract with them that they can only use it on pages that have text ads and no other kinds of advertisements. If we get reports that they don't keep up to their part of the agreement - pulling the plug is easy.

What is the procedure to apply for a sitekey? We have a similar business model and use case to the one company you have already approved.

That's a good question; perhaps you can use the contact form at the website for his new company, Eyeo GmbH: http://eyeo.com/