Aurora Algae, a US based biofuel company, is looking to move into the booming mining sector in Western Australia by providing companies biodiesel from algae to meet their energy needs. The company is also hoping to get a share market listing later this year.
Matthew Caspari, managing director of Aurora Algae’s Australian operations, said that the California-based company aims to begin the process for a U.S. public listing by the end of the year, but wouldn’t speculate on its potential value.
They hope to be able to raise US $100 million from private investors before they get formally listed on the stock exchange. The funds thus collected will be used to build a facility producing commercial quantities of biodiesel for use in mining trucks and other byproducts from algae in Karratha.
Karratha is a town in the Pilbara region in Australia that currently accounts for a quarter of the world’s iron ore trade by sea. The construction of the facility is expected to start this year and be finished by beginning of 2013.
Biofuels produced from algae help preserve agricultural lands. They can be made in arid regions and the dry landscape of Western Australia is idea for algae. The algae feeds on carbon dioxide which will give an added environmental benefit of capping carbon emissions for other companies in the region.