Biofuels Digest: Algae.Tec raises $5M in new equity, aims for China

Biofuels Digest reports:

In Australia, Algae.Tec announced that a A$5M Placement through Patersons Securities Limited has been successfully completed. The company announced last week that it had signed a binding MOU for a 50/50 equity joint venture with Shandong Kerui Group Holding, for the construction, in Dongying (Shandong province) of an 8.7 million gallons (33 million liter) algae biofuels facility. The proposed project would also generate 33,000 tones of biomass per year.