Algae.Tec to raise more funds for pilot plant working capital

By Ron Kotrba | December 19, 2014

Algae.Tec Ltd. announced an agreement with its largest partner, Reliance Industrial Investments, to raise $AUD2.4 million (approximately $USD1.94 million) to provide additional working capital for development of an algae pilot plant in Jamnagar, India, featuring Algae.Tec’s algae-to-biofuel technology.

“The new funding agreement with our large-scale partner allows us to build on the significant progress we have made to date,” said Peter Hatfull, managing director of Algae.Tec. “Our algae technology continues to deliver the goals of fuel efficiency and cost savings to our customers.”

Algae.Tec has signed an immediate agreement with Reliance Industrial Investments to raise $AUD1.4 million through the issuance of 20 million shares at 7 cents per share. In addition Algae.Tec is issuing 14,285,714 options to subscribe for shares at the exercise price of 7 cents per share. According to the agreement, Reliance Industrial Investments must exercise 7,142,857 of these options five months after Dec. 18 and subsequently 10 months after Dec. 18.

“This raising provides us with the funds to allow the plant to be fully operational in 2015,” Hatfull said. “We will continue to seek opportunities of this scale and kind as we continue to grow our global biofuels division whilst being at the forefront of this innovative curve.” 

 

 
 
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