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PERTH, Australia, Jan. 14, 2013 /PRNewswire/ -- Algae.Tec (ASX: AEB, OTCQX: ALGXY) today announced approval from the Australian Government for an AU$12.15 million cash refund on Australian and overseas development expenditure for the financial year 30 June 2012 to 30 June 2015. The terms of the payment allow for an initial AU$27 million spend on Algae.Tec technology developments, of which the Australian Government will reimburse 45% or AU$12.15 million. The approval is to support...