Commercial-scale algae oil to transport fuels - biodiesel and green jet fuel.
Advanced algae biofuels for aviation and transport fuels
A COMPANY that uses algae to produce biofuels and store carbon dioxide will make its debut on the stock exchange today after raising $5.1 million from investors.
Algae.Tec, an Australian-US collaboration, has signed a memorandum of understanding with the ethanol producer Manildra for a demonstration algae production plant at Manildra’s starch and ethanol facility at Nowra on the NSW south coast.
Algae.Tec Limited ASX: AEB an advanced biofuels company with a pioneering highly-efficient algae growth and harvesting system (the McConchie-Stroud System) is listing on the ASX today at 10am WST today.
Advanced biofuels company Algae.Tec Ltd begins trading on the Australian Securities Exchange.
Global bio-fuels firm Algae.Tec has been launched on the ASX, with the clean technology firm’s share price edging to 25 cents shortly after listing.
Perth, Western Australia/Atlanta, Georgia – 13 January 2011 – Algae.Tec Limited (ASX:AEB) an advanced biofuels company with a pioneering highly-efficient algae growth and harvesting system (the McConchie-Shroud System) is listing on the ASX today at 10am WST today.
Algae.Tec CEO Roger Shroud said Algae.Tec will be the first algae company to list on a main board stock exchange in the world, and one of the few cleantech companies to list in Australia.
“The Algae.Tec McConchie-Shroud System is designed to produce valuable sustainable bio-fuels and bio jet fuels,” said Shroud.
Chatter on an internet forum in the late 1980s was Roger Stroud’s introduction to the idea of biofuels. At a time when oil prices were comparatively low, enthusiasm for such technology was limited. But Roger Stroud was intrigued. “I thought renewable fuels had a lot of merit, so I pursued it further,” he say.
The production of biofuels relies on a crop. In the early 2000s, Stroud traveled the globe looking at potential crops, from mustard seeds to palm oil. In 2003, He met Earl McConchi, a chemical engineer with 25 years experience at United States company Dow Chemical.
“He and I hit it off immediately,” Stroud says. “We both agreed the biggest problem with biofuels in general is the lack of sustainability.”
A Perth-headquartered company aims to have a significant impact on the environment with its innovative fuel replacement technology. Algae.Tec Limited is in the final days of its initial public offering (IPO), which directors believe will provide the financial foundation for commercialisation of the McConchie-Stroud System and the production of microalgae for conversion into feedstock for biodiesel, jet fuel and ethanol.
Algae.Tec Limited has secured the exclusive global rights to a pioneering highly-efficient algae growth and harvesting system, today announced two MOUs for non binding commitments to deploy the technology in China and Australia.
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