Clean energy company Algae.Tec today received $6 million backing from La Jolla Cove Investment to be drawn down over a three-year period.
The Subiaco-based company, which aims to commercialise a high-yield algae to oil growth system, announced the first algae biofuel system in Asia earlier this month with the signing of a contract to build the Holcim Lanka biofuels facility in Sri Lanka.
The investment will be used to fast-track work on the facility, as well as on projects in Europe.
Algae.Tec executive chairman Roger Stroud welcomed the funding deal saying it would also be used to expand the company’s technical engineering team with experts specific to the fuel industry.
The company launched on the ASX at the start of 2011, and said today funds raised from the float were dedicated to building the Shoalhaven One biofuels production and carbon capture facility at Nowra, south of Sydney.
Algae.Tec shares were up 2 cents to 42 cents at 2.05pm WST.
