In Australia, ALGAE.TEC announced approval from the Australian Government for an AU$12.15 million cash refund on Australian and overseas development expenditure for the financial years 30 June 2012 to 30 June 2015. The terms of the payment allow for an initial $27 million spend on Algae.Tec technology developments, of which the Australian Government will reimburse 45% or $12.15 million. The approval is to support the funding of at least three algae bioreactor facilities in Australia, Asia and the US. Any expenditures in addition to the initial budget of $27million will also be eligible for further funding grants.
More background on the story from the Digest