Algae.Tec Signs two MOU’s
Algae.tec Limited, which has secured the exclusive global rights to a pioneering highly-efficient algae growth and harvesting system that produces algal products such as algal oil and biomass announced two MOUs deploy the algae technology in China and Australia.
Algae.Tec is currently undertaking an Initial Public Offering by way of a prospectus dated 16 July 2010 with the intention to list on the ASX by the end of September 2010. The Company’s ASX code will be AEB.
AlgaeTec cultivates algae in shipping containers. Scalability thus becomes modular, and land requirement is reduced by the ability to stack those modules. Importantly, these closed modules are not exposed to the same problems as open ponds. And, most importantly, the modules are readily transportable.
First MOU : Algae.Tec has now signed a memorandum of understanding with Shoalhaven Starches Pty Ltd, a subsidiary of the Manildra Group ( a producer of wheat flour and secondarily a producer of differentiated by-products such as gluten, glucose and starch). Manildra’s ethanol production plant operates using a CO2-emitting power plant. Therein lies a potential source of CO2 for exploitation by Algae.Tec technology, but CO2 is actually also emitted from the conversion of starch into ethanol. For Algae.Tec, it’s a double-whammy.
Second MOU : Algae.Tec has also signed another new MOU which becomes part of the supplementary prospectus. The MOU involves Algae.Tec in a partnership with Bioenergy Investment Ltd – an alternative energy investment vehicle incorporated in Hong Kong .The purpose of the joint venture is to first seek intellectual property protection for Algae.Tec’s technology in China.
See more – http://money.ninemsn.com.au/article.aspx?id=7951993&rf=true
