US energy investors can now trade Australia-based Algae.Tec
U.S. investors can officially become a part of the growth model of Algae.Tec. During a recent visit to the states to meet with potential investors, Peter Hatfull, managing director for the Australian and Atlanta-based company, met with the Bank of New York Mellon to establish and manage a level-one American Depository Receipt program for Algae.Tec, a program that will allow U.S.-based investors to buy stock without going through the two other available avenues, the Australian or the Frankfurt Stock Exchanges.
Under the ticker ALGXY, the company can now be traded on the USA OTC. Roger Stroud, executive chairman for the company, previously told Biodiesel Magazine it initially chose to forego any venture capitalist money due to the state of investing when the company started, and it also wanted to share the company with a lot of investors rather than one investor with a lot of money.
The company hopes to enter the algae-oil production market as soon as possible, and its early plan is to build Algae.Tec’s shipping container-inspired bioreactors that employ a unique sun and carbon harvesting system, at its facility in Atlanta. The work at the facility recently began with a staff of eight full-time fabricators working on the containers, which will be initially sent to an ethanol facility south of Sydney, Australia, where they will be used. Once the company receives a greater demand for the units, the company will also begin manufacturing the containers in China.
From a pool of 60 strains, the company chose six different strains that they say are comprised of roughly 50 percent algal oil, 30 percent biomass in the form of simple sugars and 20 percent in the form of edible protein. Each module is expected to generate $175,000 in revenue per year per module under the right conditions, according to the company, with each module costing roughly $125,000.