Australian bio-technology company signs $100 million project deal
Wed, 13 June 2012
Advanced Algal Technologies, an Australian-owned bio-technology company that specialises in algae cultivation and production, has signed a joint venture agreement with Chinese company Fuzhou Xiangli Enterprise Management Consulting to use Advanced Algal’s algae cultivation process in Chinese manufacturing plants.
Advanced Algal’s patented Algae Farming Conveyor Modular system will be used to help reduce carbon dioxide emissions in manufacturing via a conveyer that cultivates algae, which can then be processed and transformed into bio-diesel and other algae-based protein products.
The agreement is worth approximately $100.6 million and covers a license for 20 years to build 500 conveyor modular units per year.
“This new technology is being developed and tested to provide a state-of-the-art method of high algal production for conversion into bio-diesel, high protein animal feed stocks and filtering of carbon dioxide from industries and power generation plants in an affordable manner,” said Advanced Algal Principal Kevin Murphy.