IPO-bound Algae Tec signs MOUs for China, Australia expansion

| September 3, 2010

In Australia, algae biofuels developer Algae Tec, which filed July 16 for an IPO on the ASX exchange, announced two MOUs for non binding commitments to deploy the technology in China and Australia.

The MOU with Hong Kong company Pacific Minerals Limited and Australian company RKD International Pty Ltd provides for the establishment of a Chinese joint venture to introduce Algae.Tec’s technology into China.

The MOU with Manildra Group will see several photo-bioreactors installed at Manildra’s starch and ethanol production facility at Nowra, NSW, which Algae.Tec anticipates could be up and running in Q2 2011. The company’s McConchie-Stroud uses low-maintenance technologies and a highly efficient solar system to produce algae in one-tenth of the land surface as compared to the current pond method for producing algae.

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Category: International

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