In Australia, Algae.Tec Limited announced an initial investment of AU$1.5 million by Reliance Industrial Investments and Holdings Limited (RIIHL), with additional investments of AU$1.2 million over the next 2 years.
This relationship also features pilot project agreements for building a 2 barrel per day biofuels facility in India utilising Algae. Tec’s technology funded by RIIHL affiliates. The companies plan to work together towards commercialisation after the successful operation of the pilot biofuels facility.
Algae.Tec Managing Director Peter Hatfull stated “We are pleased to have a new strategic investment in Algae.Tec and the opportunity for a biofuels facility in India. This has the potential to make a significant impact on India’s energy and environmental requirements”.
RIIHL is an Indian company with investments in various sectors, and has previously invested in Algenol.
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Category: Producer News