Algae pioneer Aquaflow Bionomic floats $20-$30 million IPO

In New Zealand, algae pioneer Aquaflow Bionomic has commenced an initial public offer for the company’s shares with a goal of raising $30 million. The company said that it would offer 60 million shares at $0.50 and said that it sought at least $20 million in funds but that over-subscriptions would be accepted and could bring the total to $30 million.

The company said it will use the funds to invest in R&D for its continuous flow algae production technology, which focuses on water remediation as well as fuel production. The company operates a prototype algae production facility in Blenheim, and has successfully tested harvest of wild algae.

Recently the company changed fuel focus from biodiesel to green diesel. Singapore-based Pure Power invested $3 million in the company earlier this year.

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