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Market: ASX
Sector: Renewable Energy
EPIC: AEB
Latest Price: 0.39  (5.41% Ascending)
52-week High: 0.63
52-week Low: 0.30
Market Cap: 19.47M
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Algae.Tec
algaetec.com.au

Algae.Tec (ASX: AEB) is an advanced biofuels company focused on commercializing technology that produces algae to manufacture sustainable fuels such as bio diesel and green jet fuel.

Full Algae.Tec profile here
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Algae.Tec and Lufthansa sign MOU to use algae as jet fuel

2nd Jan 2012, 8:10 pm

Australia biofuels company Algae.Tec (ASX:AEB) and German airline carrier Lufthansa (LHAG:DE) have agreed to evaluate algae oil produced from Algae.Tec's bioreactors as a sustainable source of aviation fuel.

A memorandum of understanding was signed by the companies to seal the initial deal.

Algae.Tec grows fast growing algae capable of producing high yields in converted shipping containers to produce an oil that can be turned into fuel.

Significantly, the biofuel produced would likely cost a fraction of the cost of jet fuel.

Lufthansa had launched a 6-month biofuel trial in July, on regular schedules flights. The Lufthansa Airbus A321 is flying on a 50/50 mix of biosynthetic kerosene and regular fuel. Algae.Tec’s system combines closed control of algae production within an engineered modular environment.

The bioreactors capture carbon dioxide emitted by power stations and factories and can scale with larger biofuel facilities absorbing more carbon dioxide and adding more containers.

Algae.Tec is setting up a biofuels demonstration facility at Nowra in New South Wales. 

Recently, Algae.Tec closed a deal with Holcim Lanka Limited to build its first algae biofuels production facility in Asia that will reduce carbon dioxide emissions from cement manufacturing.

Holcim Lanka, a cement and building materials company, has agreed to build the facility in Sri Lanka in conjuction with Algae.Tec in line with Holcim's desire to be environmentally sustainable.

Holcim Lanka is part of Holcim Group (VTX: HOLN), which is a global company with market presence in over 70 countries on all continents. The Group employs some 90,000 people and is currently the second largest cement manufacturer in the world.

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