Algae.Tec Carbon Capture Algae Growth Technology Targets Australia’s Cleaner Future for Power Stations Policy
PERTH, Western Australia and ATLANTA, Sept. 14 /PRNewswire/ — Algae.Tec Limited (ACN 124 544 190) a pioneering highly-efficient carbon capture and algae growth and harvesting system (the McConchie-Stroud System) that produces algal products (such as algal oil and biomass) that can be used to generate sustainable bio-fuels, is targeting inclusion in the Australian Government’s Cleaner Futures for Power Stations Policy. http://www.scribd.com/doc/34742233/Cleaner-Power-Stations-Fact-Sheet
Algae.Tec CEO Roger Stroud said he understood the carbon capture and algae growth and harvesting system should be eligible for the program which seeks to establish a best practice emissions standard for new coal-fired power stations. He said the company would be seeking high-level Government meetings in a bid to have the technology included as an alternative to existing proposed carbon capture and storage options.
“The Algae.Tec McConchie-Stroud System is designed to not only produce valuable sustainable bio-fuels, it also captures carbon pollution from power stations and manufacturing facilities which feed into the algae growth system,” said Stroud.
“It is a win-win for the economy, the environment, and the sustainable fuel industry.”
Algae.Tec also recently announced two MOUs for non-binding commitments to deploy the technology in China and Australia.
Algae.Tec is currently undertaking an Initial Public Offering by way of a prospectus dated 16 July 2010 (Prospectus) with the intention to list on the ASX within the next month. The Company’s ASX code will be AEB.
The photo-bioreactors which are at the heart of the McConchie-Stroud algae production technology are designed to generate four revenue streams: oils which can be refined into biodiesel; carbohydrates (sugars) that can be used in the production of ethanol; proteins that can be used as feedstock for farm animals; and protein and carbohydrate biomass that can be combined to produce jet fuel.
The McConchie-Stroud uses low-maintenance technologies and a highly efficient solar system to produce algae in one-tenth of the land surface as compared to the current pond method for producing algae.
The Algae. Tec System is designed to deliver the highest yield of algae per hectare, and solves the problem of food-producing land being turned over for bio fuel production.
Algae.Tec is backed by investors from the United Kingdom, Asia and the USA who have invested more than $5 million in research and development of the algae production technology over the past seven years.
A copy of the Prospectus (and a supplementary prospectus lodged August 25, 2010 in relation to Algae.Tec’s entry into the MOUs and an extension to the Prospectus closing date to 17 September 2010) is available on request from the Company and at www.algaetec.com.au. Investors should consider the Prospectus (and supplementary prospectus) in deciding whether to acquire any securities in Algae.Tec and will need to complete the application form that accompanies the Prospectus.
MEDIA CONTACT DMG SUSAN FITZPATRICK-NAPIER SUSAN@DMGPR.COM 02 9006 1614
SOURCE Algae.Tec Limited