News: Algae.Tec dispatches first algae photobioreactor for Reliance Industries

Algae.Tec (ASX:AEB) has dispatched the first algae photobioreactor to Jamnagar province in India as part of its contract with India’s largest private company Reliance Industries (BSE:500325, NSE:RELIANCE).

This first container houses the algae photobioreactor assembly, which will be situated next to the world’s largest oil refinery.

The photobioreactor will take carbon dioxide from the refinery and use it in the production of algae, which in turn will be used for the production of sustainable, green energy.

In December, the company received a show of confidence from Reliance, which subscribed for $2.4 million worth of shares and options.

Reliance is one of India’s largest publicly traded companies with businesses in the energy and materials value chain delivering annual revenue in excess of US$66 billion.