Renewable oil from algae group Algae.Tec has received approval from the federal government for a $12.15 million cash refund for development spending slated for June 30 2012 through to June 30 2015.
The approval will support the funding of at least three algae bioreactor facilities in Australia, Asia and the US. It sees the company receive 45 per cent reimbursement on spending of $27 million as soon as the expenditure is made, with the money provided via R&D tax incentives managed by AusIndustry.
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