In one refinery, we are aiming to process up to 1,000 tonnes of biomass per day to yield between 250,000 to 300,000 liters of diesel, petrol and jet fuel per day. At the appropriate economies of scale, it is estimated that these hydrocarbons will cost less than $2 per gallon. The hydrocarbons would then get blended with traditional fossil-derived fuels. The final sales price will depend on the selling price of conventional gasoline.

Please highlight the important points of the partnership with CRI?

The companies have worked together previously under a joint testing and evaluation agreement to bring together Aquaflow's unique capability with algae and CRI's license to IH² technology to prove their commercial effectiveness in producing hydrocarbon fuels. The agreement with CRI is the vector for Aquaflow to commercialize its global project pipeline with the backing of CRI Catalyst, licensed IH² technology and global network. Aquaflow and CRI have developed a strong cooperation with a shared vision of the future of renewable fuels.

What is the current status of the project on producing biofuel using Aquaflow and CRI technologies?

Plans to produce 5-200 tonnes of biofuel per day using IH² technology are currently underway. Aquaflow is currently engaged with some entities, both New Zealand-based and international, to develop renewable fuel projects in New Zealand and other international locations, to produce commercial-scale renewable fuels using a combination of Aquaflow "multi-biomass" feed and CRI's catalyst with licensed IH² technology.