NZ Algae Biodiesel Developer Seeks to Raise $NZ5 Million
16 January 2007
New Zealand’s Aquaflow Bionomic Corporation (ABC) has launched a prospectus for an offering of up to 10 million shares in a bid to raise NZ$5 million (US$3.5 million) for further research and development of its process to produce biodiesel from wild algae.
Aquaflow harvests algae directly from the settling ponds of standard Effluent Management Systems (EMS) and other nutrient-rich water. Aquaflow is still working on the final stage of bio-remediation of the pond water, which will ensure that the discharge exceeds acceptable quality standards. The harvesting process can also be used in many industries that produce a waste stream, including the transport, dairy, meat and paper industries.
A B5 (5%) blend of biodiesel produced by Aquaflow from wild algae successfully fueled a test drive in New Zealand in December 2006. The Aquaflow B5 also was used successfully several days earlier in a static engine test at Massey University’s Wellington campus. (Earlier post.)
In the prospectus, ABC states that it intends to focus the research and development of the biodiesel program in New Zealand for the present, and that the biodiesel will be produced for the domestic market.
ABC is applying for patents on the systems for optimizing harvesting and extraction. The company also hopes to develop its harvesting process—which leaves the water in settling ponds substantially cleaner—as a bio-remediation tool for cleaning waste streams.
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