Australian biofuels company Algae.Tec said on Wednesday it had signed a collaboration agreement with German airline Lufthansa for construction of a large-scale plant to produce aviation biofuels from algae.
The plant will be sited in an unnamed country in Europe near to an industrial CO2 source, said Algae.Tec, which specialises in the production of biofuel from algae.
“Lufthansa will arrange 100 percent funding for the project,” Algae.Tec said in a statement, without giving a cost estimate. “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 percent of the fuel produced at an agreed price, Algae.Tec said… Read more