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4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Algae Tec Ltd    AEB   AU000000AEB3

ALGAE TEC LTD (AEB)
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Algae Tec Ltd : Algae.Tec signs waste to energy carbon capture agreement for Australia and New Zealand

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10/29/2013 | 10:49am CET

ASX RELEASE 

29 October, 2013 

ALGAE.TEC SIGNS WASTE TO ENERGY CARBON CAPTURE AGREEMENT FOR AUSTRALIA AND NEW ZEALAND 

Algae.Tec (ASX: AEB, OTCQX: ALGXY is pleased to announce that it has signed a binding agreement with Phoenix Energy Australia to provide its proprietary algae to biofuels technology for waste to energy (W2E) facilities proposed for Australia and New Zealand.

Phoenix Energy Australia is engaged in the business of commercialising the world's leading technology for recovering renewable energy from the combustion of municipal solid waste. Phoenix Energy is working with Mitsubishi Heavy Industries Environment and Chemical Co and John Holland.

W2E is a much cleaner and environmentally responsible process than the existing practice of burying waste in landfills.

Traditional landfills take up valuable land space and have been criticised for their groundwater discharges and methane emissions. W2E plants could eliminate these problems by reducing the need for landfill by over 90%.

Phoenix Energy Australia is currently negotiating contracts to build and manage centralised W2E facilities that take waste from groups of municipalities in Australia.

Algae.Tec has agreed to an exclusive arrangement to provide its technology for any W2E plant built by Phoenix Energy Australia. Algae.Tec's technology will capture the CO2 produced by the plant and convert it to algae products, thereby ensuring that the waste to energy plant will be the most environmentally friendly process possible.

Peter Dyson, the Managing Director of Phoenix states "When compared to the alternative of landfilling waste and the electrical energy generation derived from coal, waste to energy plants such as ours already significantly contribute to a net abatement of CO2 emissions.

However we are constantly looking to improve this even further and that's why we are very excited about the Algae.Tec deal, as we believe they have the best and most efficient carbon capture technology in the world.

The unique design of their engineered modules will allow it to be easily integrated into the W2E plant site without the need for the large ponds that are required by other algae type applications.

This will also mean that the Algae.Tec process has the potential to be retrofitted to many of the 1,000 international waste to energy plants, of which over 400 are based on the same technology we are deploying here in Australia and New Zealand."

About Algae.Tec www.algae-tec.com 

Algae.Tec Ltd, 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 Company has offices in Atlanta, Georgia and Perth, Western Australia. The Algae.Tec bioreactor, an enclosed modular engineered technology, is designed to grow non-GMO algae on an industrial scale, and produce algae products including biofuels that replace predominantly imported fossil fuels. The Algae.Tec solution is less than one tenth the land footprint of pond growth options, while its enclosed module system is designed to deliver the highest yield of algae per hectare, and solves the problem of food-producing land being turned over for biofuel production.

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Algae Tec Ltd Technical Analysis Chart | AEB | AU000000AEB3 | 4-Traders
Managers
NameTitle
Peter Ernest Hatfull Managing Director, Secretary & Executive Director
Malcolm Raymond Scott James Non-Executive Chairman
Garnet Earl McConchie Executive Director
Keng Hock Lim Non-Executive Director
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