NZ Algae Biofuels Company Seeking to Raise Up To NZ$30M

13 November 2008

Stuff. Aquaflow Bionomic Corporation, an algal biofuels company based in New Zealand, is seeking to raise up to NZ$30 million (US$16.8 million) through a public share offer.

Capital raised will be used to continue the research and development of technology to convert algae to biofuels and to various biochemicals, to remediate water systems, and to develop those technologies into commercial ventures.

The Aquaflow process has three major components: algae harvesting from a wastewater stream; conversion of the algae to a biocrude; and the production of remediated or clean water.

Aquaflow is operating a commercial scale prototype harvesting plant on a wastewater plant, and is continuing pilot plant-scale testing of an algae conversion plant.

Aquaflow had been acutely aware that the energy balance in that technology needed to be positive in order for the process to be economic. “It is too early in Aquaflow’s research and development to determine if that has been achieved sufficiently, although we are encouraged by our ability to produce biocrude from harvested algae,”Aquaflow said.

The company had achieved a major milestone of being able to harvest tonnes of wild microalgae. It was now working on conversion processes which should give an increasingly better energy balance, while continuing to develop lower cost harvesting technologies.