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Australian Government approves $12.15 million cash refund for ALGAE.TEC

| January 16, 2013

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.

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Category: Government

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