Algae.Tec and Lufthansa Sign Collaboration Agreement to Build Biofuel
Production Facility in Europe
PERTH, Australia and ATLANTA, Sept. 18, 2012
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
See algae to aviation fuel video here:
See more Algae.Tec images here:
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
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.
Australia +61 2 8006 0424
USA +1 650 798 5238
SOURCE Algae.Tec Limited
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