Australian and Indian Firms to Build Biofuel Facility in India
January 22, 2014Press release: http://www.asx.com.au/asxpdf/20140121/pdf/42m6x2ztbgwhq0.pdf
News article: http://www.bloomberg.com/news/2014-01-21/algae-tec-reliance-to-build-clean-fuel-facility-in-india.html
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Algae.Tec Ltd., an Australian producer of algal oils used to produce biodiesel, has announced that it is partnering with Reliance Industrial Investments and Holdings Limited (RIIHL) to build a pilot biofuels production facility in India.
RIIHL, an Indian company with investments in various sectors, is investing AU$1.5 million for the project, with additional investments of AU$1.2 million over the next 2 years.
The pilot project aims to produce 2 barrels of biofuels per day in India utilizing Algae.Tec's technology to be funded by RIIHL affiliates. The companies plan to work together to bring the technology to the market after the successful operation of the pilot facility.
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