Australia’s Algae.Tec has struck a deal with a Hong Kong financial institution that could pave the way for commercial scale opportunities for Algae.Tec’s technology across Greater China, incorporating the mainland China, Taiwan, Hong Kong, and Macau.
Algae.Tec says it expects its algae based renewable fuel and carbon capture technology to play a meaningful role in contributing to the strategic targets China has set for itself in cutting pollution levels and reducing the use and impact of coal.
It follows an agreement between Algae.Tec and India’s Reliance Industries to pursue projects in India, and the recent Chinese commitments with the US to curb greenhouse gas emissions and to create a “Sky Blue” policy.
“We are confident our algae based renewable fuel and carbon capture technology can play a meaningful role in contributing to the Strategic Targets China has set for itself,” Algae.TEC managing director Peter Hatfull said in a statement.
“Our focus now is to work with CFS as they pursue commercial scale plant opportunities throughout China. They have demonstrated their commitment to this process and belief in our technology by investing their own capital into Algae.Tec.”