Algae.Tec, Lufthansa agree to build biofuel production facility in Europe

  • 09-Oct-2012 05:05 EDT
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Algae.Tec’s Shoalhaven One algae production facility in Bomaderry, New South Wales, Australia, is shown.

Algae.Tec and Lufthansa signed a collaboration agreement for the construction of a large-scale algae-to-aviation biofuels production facility. The site will be in Europe adjacent to an industrial CO2 source. Lufthansa will arrange 100% funding for the project. Algae.Tec will receive license fees and profits from the project, which will be managed by Algae.Tec. As part of the agreement, Lufthansa commits to a long-term offtake agreement of at least 50% of the crude oil produced at an agreed price. The agreement forms the base for a long-term cooperation between Algae.Tec and Lufthansa for the industrial production of crude algae suitable for conversion into aviation kerosene and conventional diesel fuels.

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