Algae.Tec and Shandong Kerui Group to form joint venture

Algae.Tec Limited, a producer of renewable fuels, will enter into a 50-50 joint venture with Shandong Kerui Group Holding Co., Ltd, which is involved in research and the manufacture of petroleum drilling and well service equipment. The joint venture will build a 250-module algae biofuels plant in Dongying, Shandong Province, in China. “The equally funded facility will be built in Dongying, in Shandong Province, and produce approximately 33 million liters of algae derived transport oil and approximately 33,000 tons of biomass per annum at a combined value of more than US$40 million (€31 million), and capture 137,000 tons of waste carbon dioxide. And this should be the first of many. China is a country truly focused on a “blue skies” policy. The Algae.Tec technology will reduce unwanted emissions and will convert them into locally produced transport fuels which will add to fuel independence. Algae.Tec is well positioned for massive expansion in the fastest growing economy in the world and will be raising capital shortly to fund this expansion,” said Roger Stroud, executive chairman of Algae.Tec. (January 25, 2012)