Algae.Tec executive chairman, Roger Stroud, says the company was happy with the fundraising round: "This again demonstrates that sophisticated investors are aligned with the need for alternative transport fuel technologies such as the Algae.Tec enclosed algae to biofuels solution.

"The market is also responding to the recent milestones and commercial deal announcements the company has signed with major companies in China, Sri Lanka and Europe."

The technology used by Algae.Tec allows for algae to be grown at a high rate and uses a special harvesting technique called the McConchie-Stroud system.

TheBioenergySite News Desk