January 31, 2012

Algae.Tec: Standard and Poors initiates Factual Stock Report coverage

Algae.Tec: Standard and Poors initiates Factual Stock Report coverage

Algae.Tec (ASX: AEB) has become the subject of Factual Stock Report coverage by New York financial services firm Standard and Poors.

“The S&P coverage will extend our reach to a wide range of investor audiences in the USA and internationally providing weekly updates on pricing, trading volume, recent developments, a financial review, key operating information, industry and peer comparisons, and institutional holdings analysis,” executive chairman Roger Stroud said.

The coverage coincides with Algae.Tec’s recent successful $5 million capital raising. This will fund the fast tracking of the company’s recently announced commercial projects.

The market continues to respond to the company's recent milestones including the signing of major deals with companies in China, Sri Lanka and Europe.

Algae.Tec is now well funded for 2012, as the company continues to talk to groups about potential offtake agreements.

Shandong Kerui Group Holding Milestone Deal

Earlier this month, Algae.Tec signed a binding memorandum of understanding for a 50:50 equity joint venture in China with Shandong Kerui Group Holding to build the first biofuels and carbon capture facility in China.

Importantly, Shandong will be putting half the equity into the project, which shows very strong commitment to the project on their part.

The 250-module biofuels facility will be built in Dongying, in Shandong Province, and will produce about 33 million litres of algae derived transport oil and 33,000 tonnes of biomass per annum at a combined value of over $40 million. It will capture 137,000 tonnes of waste carbon dioxide.

Original post available here.

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