Newsletter Subscription


Friday, Oct 31, 2014


Algae.Tec and Lufthansa Sign Collaboration Agreement to Build Biofuel Production Facility in Europe

Algae.Tec Limited is pleased to announce that Algae.Tec and Lufthansa have 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 licence 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

The Agreement states:

"Both parties will jointly develop a large-scale industrial algae oil production plant based on Algae.Tec's technology and operating support, and Lufthansa's offtake commitment for such algae oils."

Algae oil produced by the Project shall fulfill at all times the EU Renewable Energy Directive ("EU-RED") and shall be certified according to ISCC-Standard.

This agreement builds on and supersedes the MOU signed between the two parties in January 2012. It is subject to final Board approval of both parties and the final sign off for the algae oil conversion into aviation kerosene. A final feasibility report will be completed once the first site has been selected.

Source : Algae.Tec Limited

Published on ASDNews: Sep 19, 2012

 

Aviation Finance Seminar

Oct 30, 2014 - London, United Kingdom

Register More info


© 2004-2014 • ASDNews • be the first to know • contact usterms & conditionsprivacy policyadvertisingfaqs

zpsk