Advanced renewable oil company Algae.Tec (ASX: AEB) has been heating up the market in recent months with its shares almost doubling since November, as investors continue to support the company's accelerated expansion and string of milestone announcements.
Algae.Tec was one of the best performing IPO's on the ASX during 2011.
Today the ASX has granted Algae.Tec a voluntary suspension pending the release of details surrounding a capital raising, with the company asking that the request is in place for one trading day.
Highlighting the rapid expansion of Algae.Tec, earlier in the week the company signed a binding memorandum of understanding for a 50:50 equity joint venture in China with Shandong Kerui Group Holding to build the first biofuels and carbon capture facility in China.
At the time Roger Stroud, executive chairman of Algae.Tec, said "importantly, Shandong would be putting half the equity into the project, which shows very strong commitment to the project on their part.
“China is a country focused on a ‘blue skies’ policy. This JV has been formed to help China move towards this important goal.
“The Algae.Tec technology will reduce unwanted emissions and will convert them into locally produced transport fuels which will add to fuel independence.”
China is targeting pollution and carbon as part of its current five year plan from 2011-2015 with a pledge to reduce the amount of carbon emitted per unit of gross domestic product by 40% by 2020.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/24370/algaetec-granted-voluntary-suspension-to-finalise-capital-raising-24370.html
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