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New Zealand-based Aquaflow Bionomic said today that it’s seeking to raise up to NZ$30 million ($16.6 million) from a new public offering. The three-year-old company, whose algae technology involves harvesting wild algae and squeezing it into green crude oil, plans to sell up to 60 million shares at 50 New Zealand cents each. The money will be used to finish commercialization of its technology, which Aquaflow expects to take up to 18 months.
Aquaflow says its free-range algae approach allows it to save money on facilities and maintenance. Aquaflow is working with new partner UOP, a subsidiary of Honeywell (s HON), to process algae harvested from open-air sludge ponds and waste streams into high-quality fuels. UOP has years of experience in the petro-chemical refining business but has been moving into biofuels in earnest recently with its own Renewable Energy & Chemicals business and collaborations with aircraft maker Boeing (s BA), bio-oil vet Ensyn and the DOE.
Aquaflow raised funding through a public offering at the end of the 2006; it’s also received a NZ$3 million investment from renewable energy business Pure Power Global of Singapore, the company’s largest shareholder, according to Aquaflow’s prospectus. The company built its first pilot plant in 2007 and in September this year said it produced the first samples of its “green crude.” The shares will be made available to Australian investors starting Nov. 18; the offering will close in December.
Image courtesy of Aquaflow Bionomics.