Algae.Tec bags $2.4 million order for high yield algae production technology
Algae.Tec (ASX:AEB) should trade higher today after receiving its first purchase order, and a significant one at $2.4 million, from an affiliate of Reliance Industrial Investments and Holdings.
The order is in connection with arrangements reported in January for the supply of algae production technology and associated technical expertise, and will be supplied and completed over the next nine months.
Algae.Tec has developed a high-yield enclosed, modular algae growth and harvesting system incorporating a bioreactor, designed to grow non-GMO algae on an industrial scale.
The system will produce proteins, oils and biofuels from the algae, and boasts a land footprint of less than 10% of pond growth options.
The enclosed module system is designed to deliver the highest yield of algae per hectare, and solves the problem of food-producing land being turned over for biofuel production.
