Aquaflow Looking for $16.6M in Public Offering for Algae Fuel

New Zealand-based Aquaflow Bionomic is seeking to raise up to NZ$30 million ($16.6 million) from a new public offering. The three-year-old company, whose algae technology involves harvesting wild algae and squeezing it into green crude oil, plans to sell up to 60 million shares at 50 New Zealand cents each. The money will be used to finish commercialization of its technology, which Aquaflow expects to take up to 18 months.

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