New Zealand investors have an opportunity to join British entrepreneur Sir Richard Branson in backing local biofuel technologies.
Christchurch-based biodiesel developer Aquaflow Bionomic Corporation has launched a prospectus aimed at raising $5 million for further research and development of its algae-based fuel.
The biodiesel, which is derived fromalgae grown in sewage ponds, was road-tested by Climate Change Minister in a spin around central Wellington last December.
"Since the test drive we've had phenomenal domestic and international response leading to commercial discussions with market-defining investors," said Aquaflow director, Nick Gerritsen.
"We've had tangible interest from three top US venture capital firms and commercial discussions are under way with parties from the UK, Australia and Asia."
Gerritsen expects to have a pilot under way in the US within the next 12 months.
Earlier this week Parker met with Branson to discuss New Zealand biofuel projects including Aquaflow, ethanol production from carbon monoxide waste streams by Auckland company LanzaTech and plans by fellow Auckland-based company BioJoule to produce ethanol from salix willow.
Branson has pledged to spend $4.5 billion from his rail and airline business profits over the next 10 years on projects to reduce greenhouse gas emissions, including biofuels research.
"Sir Richard Branson has made a bold and visionary commitment to the challenge of tackling climate change, for which I congratulate him," Parker said.
