In a very recent Press Release, Australia-based algae company Algae.Tec has announced that it has signed an MOU with the Chinese company\u00a0Shandong Kerui Group Holding Ltd. for building the first algae biofuels and carbon capture facility in China.<\/p>\n
Press Release<\/strong><\/p>\n Perth, Western Australia\/Atlanta, Georgia \u2013 18 January 2012 \u2013\u00a0<\/strong>Algae.Tec Ltd. today announced it has signed a binding MOU for a 50\/50 equity joint venture (JV) in China with Chinese company the Shandong Kerui Group Holding Ltd.<\/p>\n The first project under the JV will be for the construction of a 250-module algae biofuels facility in China to be equally funded by both parties.<\/p>\n Algae.Tec Executive Chairman, Roger Stroud, said the facility will be the first of its size and type in the world, being purely focused on algae for the production of transport fuels.<\/p>\n \u201cThe equally funded 250-module biofuels facility to be built in Dongying, in Shandong Province, will produce approximately 33 million litres of algae derived transport oil and approximately 33,000 tonnes of biomass per annum at a combined value of over $40million, and capture 137,000 tonnes of waste carbon dioxide. And this should be the first of many,\u201d said Stroud.<\/p>\n The JV will accelerate the Algae.Tec project expansion and roll-out throughout China, targeting corporations and environmental administration authorities.<\/p>\n \u201cChina is a country truly focused on a \u201cblue skies\u201d policy. This JV has been formed to help China move towards this important goal. The Algae.Tec technology will reduce unwanted emissions and will convert them into locally produced transport fuels which will add to fuel independence,\u201d said Stroud.<\/p>\n \u201cAlgae.Tec is well positioned for massive expansion in the fastest growing economy in the world and will be raising capital shortly to fund this expansion.\u201d<\/p>\n Algae.Tec Limited<\/strong> (ASX:AEB, FWB:GZA:GR, ALGXY:US) is an advanced algae to biofuels company with a high-yield enclosed algae growth and harvesting technology, the McConchie-Stroud system.<\/p>\n The Kerui Group, based in Shandong Province, in the second largest oil province in China, has extensive business interests in the People\u2019s Republic of China (PRC) primarily in the manufacturing of oilfield and petroleum industry equipment, and power generation and building facilities. The Group has offices in 18 countries outside China.<\/p>\n The Kerui Group said China has targeted pollution and carbon as part of its current five-year plan from 2011 to 2015, so they expected the Algae.Tec carbon-capture solution will be well received by carbon emitting companies and Government.<\/p>\n \u201cChina has pledged to reduce the amount of carbon emitted per unit of gross domestic product by 40 per cent by 2020,\u201d they said.<\/p>\n \u201cWe look forward to working with Algae.Tec to produce low cost transport biofuels for energy independence, while cutting carbon pollution.\u201d<\/p>\n Algae.Tec will provide the technology \u2013 the McConchie-Stroud biofuels production system \u2013 and the Kerui Group will provide knowledge and expertise to accelerate business development and the identification of viable project sites. They will also advise on dealing with relevant authorities to secure the required approvals.<\/p>\n The JV will also look to securing funding, following completion of the 250-module plant:<\/p>\n Last week Algae.Tec announced the four-fold expansion of its Atlanta, Georgia based\u00a0Algae Development & Manufacturing Centre<\/em>\u00a0to 70,000 sq ft to scale-up production line capability for existing and upcoming commercial projects.<\/p>\n Last month Algae.Tec signed a biofuels MOU with the European airline Lufthansa, and announced a biofuels production and carbon capture deal with the Sri Lanka subsidiary of industrial giant Holcim, the world\u2019s largest cement and building materials company.<\/p>\n \u201cAlgae.Tec is the only advanced biofuels company specifically focussed on the global transport fuel industry, using an industrial-scale enclosed, modular and engineered algae growth technology to produce biofuels that replace predominantly imported fossil fuels,\u201d said Stroud.<\/p>\n \u201cAlgae.Tec offers a profitable solution for carbon emitting companies and industries seeking carbon dioxide reduction technologies.\u201d<\/p>\n The Algae.Tec solution is less than one tenth the land footprint of pond growth options, while its 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.<\/p>\n\n
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