Algae.Tec Successfully Completes $5m Capital Raising With Patersons Securities
Algae.Tec Ltd (ASX:AEB, FWB:GZA:GR, ALGXY:US) (‘Algae.Tec’) is pleased to announce that the AUD$5,000,000 (USD$5,354,086.97) Placement through Patersons Securities Limited has been successfully completed.
As previously stated, this capital raising will be utilised to fund the fast-tracking of commercial projects recently announced.
Algae.Tec Executive Chairman, Roger Stroud, said the Company was extremely pleased with the capital raising.
“This again demonstrates that sophisticated investors are aligned with the need for alternative transport fuel technologies such as the Algae.Tec enclosed algae to biofuels solution,” said Stroud.
“The market is also responding to the recent milestones and commercial deal announcements the Company has signed with major companies in China, Sri Lanka and Europe.”
“Algae.Tec also offers a profitable solution for carbon emitting companies and industries seeking carbon dioxide reduction technologies.”
Algae.Tec is an advanced algae to biofuels company with a high-yield enclosed algae growth and harvesting technology, the McConchie-Stroud system.
Algae.Tec, founded in 2007, is a publicly listed 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 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.