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Algae.Tec Receives Purchase Order

AlgaeAustralian algae fuel developer Algae.Tec has received a $2.4 million purchase order from an affiliate of Reliance Industrial Investments and Holdings Limited (RIIHL) in connection with an investment announced in January.

This purchase order is for supply of Algae.Tec algae production technology and technical expertise.

Algae.Tec is to build a pilot biofuels plant with RIIHL using its algae fuel technology as part of an agreement with a subsidiary of India’s largest privately owned company. The technology will capture CO2 emissions and turn this into algae for use as biofuels.

The pilot plant is designed to calibrate the technology for local settings and is considered a forerunner of a larger demonstration plant, and possibly commercial plants elsewhere in India. Reliance has exclusivity over the technology in the India market.

The work and equipment ordered under this purchase order will be supplied and completed over approximately the next nine months.

The Algae.Tec bioreactor is an enclosed modular engineered technology designed to grow non-GMO algae on an industrial scale, and produce algae products including proteins, oils and biofuels. Worldwide research on the technology has shown promise.

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