Australian company Algae.Tec has raised AUS$5 million (€4 million) through Patersons Securities and the money will be used to fast-track the business’ commercial plans.
Recently Biofuels International reported that Algae.Tec formed a joint venture with Chinese company Shandong Kerui to build a 250-module algae biofuels facility in China.
Algae.Tec executive chairman, Roger Stroud, says the company was happy with the fundraising round: ‘This again demonstrates that sophisticated investors are aligned with the need for alternative transport fuel technologies such as the Algae.Tec enclosed algae to biofuels solution.
The market is also responding to the recent milestones and commercial deal announcements the company has signed with major companies in China, Sri Lanka and Europe.’
The technology used by Algae.Tec allows for algae to be grown at a high rate and uses a special harvesting technique called the McConchie-Stroud system.
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