Algae.Tec signs collaboration agreement with Larimar Energy

By Algae.Tec Ltd. | April 23, 2015

Algae.Tec is pleased to announce the execution of a collaboration agreement for the commercialization of its algae production technology with Larimar Energy SRL of the Dominican Republic.

The energy sector for the Dominican Republic currently relies on fossil fuels for more than 90 percent of its primary energy and the government has stated key goals for obtaining 25 percent of its energy from renewable sources by 2025 and reducing its carbon emissions by 25 percent by 2030. The Dominican Republic is currently revamping its energy sector to supply critical electrical demand with the addition of power generation facilities.

Algae.Tec and Larimar are collaborating on the development of algae production projects in the Dominican Republic and Caribbean region. This agreement establishes the commercial platform for implementation of Algae.Tec’s proprietary technology in industrial-scale facilities with the generation of sustainable biofuels and bioproducts. Harlin Valdez, CEO of Larimar Energy, states that “the development of renewable energy alternatives for the Dominican Republic is vital for the country and we are excited about partnering with Algae.Tec to meet these goals.”

This agreement initiates the first phase of the collaboration program, which includes conducting engineering assessment, plant evaluations, product and project development work. Algae.Tec and Larimar are targeting the implementation of a multimodule algae production plant in the Dominican Republic in 2016 and have plans for the installation of a large-scale commercial algae production facility. Peter Hatfull, managing director, states that “the collaboration with Larimar is another step forward for Algae.Tec in moving towards commercializing its technology across the globe.”