PERTH, Australia and
ATLANTA, Sept. 18, 2012 /PRNewswire/ -- Algae.Tec Limited
is pleased to announce that Algae.Tec and Lufthansa have signed a
Collaboration Agreement for the construction of a large-scale algae
to aviation biofuels production facility.
The site will be in Europe
adjacent to an industrial CO2 source.
Lufthansa will arrange 100% funding for the project. Algae.Tec
will receive licence fees and profits from the Project, which will
be managed by Algae.Tec.
As part of the Agreement, Lufthansa commits to a long-term
offtake agreement of at least 50% of the crude oil produced at an
agreed price
The agreement forms the base for a long-term cooperation between
Algae.Tec and Lufthansa for the industrial production of crude
algae suitable for conversion into aviation kerosene and
conventional diesel fuels
The Agreement states:
"Both parties will jointly develop a large-scale industrial
algae oil production plant based on Algae.Tec's technology and
operating support, and Lufthansa's offtake commitment for such
algae oils."
Algae oil produced by the Project shall fulfill at all times the
EU Renewable Energy Directive ("EU-RED") and shall be certified
according to ISCC-Standard.
This agreement builds on and supersedes the MOU signed between
the two parties in January 2012. It
is subject to final Board approval of both parties and the final
sign off for the algae oil conversion into aviation kerosene. A
final feasibility report will be completed once the first site has
been
selected.
See algae to aviation fuel video here:
http://www.youtube.com/watch?v=VA_xiEHSTRI&feature=youtu.be
See more Algae.Tec images here:
http://algaetec.com.au/news-room/image-gallery/media/image-gallery/berlin-airshow/
About Algae.Tec www.algaetec.com.au
Algae.Tec Ltd, (ASX:AEB, FWB:GZA:GR, OTCQX :ALGXY) founded in
2007, is an Australian advanced renewable oil from algae company
that has developed a high-yield enclosed algae growth and
harvesting system, the McConchie-Stroud System. The Company has
offices in Atlanta, Georgia and
Perth, Western Australia.
The Algae.Tec enclosed modular engineered technology is designed
to grow non-GMO algae on an industrial scale, and produce biofuels
that replace predominantly imported fossil fuels.
The technology has demonstrated exceptional performance in
productivity, product yield, carbon dioxide sequestration, and
production unit footprint requirements versus agricultural crops
and other competitive algae processes in the industry.
Algae.Tec offers a profitable solution for carbon emitting
companies and industries seeking carbon dioxide reduction
technologies. The algae growth system is an alternative to Carbon
Capture.
Media contact:
DMG PR
TEAM@DMGPR.COM
Australia +61 2 8006 0424
USA +1 650 798 5238
SOURCE Algae.Tec Limited