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Government of Canada awards algae company Pond Biofuels $908K
3 July 2012
Canada’s federal government is awarding $908,280 through FedDev Ontario’s Investing in Business Innovation initiative to help algal biofuel startup Pond Biofuels accelerate the commercialization of its technology used to capture carbon dioxide from raw stack emissions and produce algae that can subsequently be converted into biofuels.
In addition to this investment, $2 million in private-sector funding has been leveraged from a group of accredited angel investors belonging to SG Biomaterial Investments.
Located in Toronto and incorporated in 2008, Pond Biofuels develops technology to produce alternative fuels using algae grown with industrial emissions.
Through FedDev Ontario’s investment, Pond Biofuels will complete the first phase of construction on its commercial-scale pilot demonstration plant in partnership with St. Marys Cement. This facility will allow the company to demonstrate that its technology can efficiently and cost-effectively offset harmful industrial emissions and create a high-value algae product that can be converted into fuel, such as bio-diesel.
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