Australia-based algae products company Algae.Tec Limited announced an initial investment of AU$1.5 million (US$1.32 million) by India’s Reliance Industrial Investments and Holdings Limited (RIIHL), with additional investments of AU$1.2 million (US$1.1 million) over the next 2 years.
This relationship also features pilot project agreements for building a 2-barrel per-day biofuels facility in India utilizing Algae.Tec’s technology funded by RIIHL affiliates. The companies plan to work together towards commercialization after the successful operation of the pilot biofuels facility.
The Algae.Tec system combines closed control of algae production within an engineered modular environment and efficient downstream biofuel processing. Algae.Tec has strategic partnerships with the Manildra Group, Lufthansa, Holcim Lanka Ltd and the Shandong Kerui Group Holding Ltd.