Singapore: Kiwi renewable fuels company Aquaflow Bionomic has been selected as a finalist for Red Herring's Top 100 Asia award, a prestigious list honouring the year's most promising private technology ventures from the Asian business region.

Over the last six years Aquaflow has developed a commercial offering that enables it to take multi-biomass feed stocks (for example trees, algae and agricultural waste) and process it into renewable hydrocarbon fuels - petrol or diesel and jet fuel - most importantly on a basis that is economic today.

Aquaflow, in April, had successfully entered a technology co-operation agreement with CRI Catalyst Company (CRI), and since that time has started planning to establish its first series of commercial scale refineries in a number of geographies.

"We're thrilled to be named a finalist in such respected company. And we're very proud to be the only Kiwi company to reach the finals in the clean technology category. Our focus has always been on making a near term contribution to renewable fuels and we are now very close to making this a reality. We look forward to flying the flag for New Zealand at the forthcoming Forum in Hong Kong," comments Aquaflow director Nick Gerritsen.

The Red Herring editorial team selected the most innovative companies from a pool of hundreds from across Asia. The nominees are evaluated on both quantitative and qualitative criteria, such as financial performance, technology innovation, quality of management, execution of strategy, and integration into their respective industries.

This unique assessment of potential is complemented by a review of the actual track record and standing of a company, which allows Red Herring to see past the "buzz" and make the list a valuable instrument for discovering and advocating the greatest business opportunities in the industry.

"This achievement is further evidence, therefore, that Aquaflow is at the leading edge of drop-in renewable fuels and we are creating a technology offering with global potential," says Gerritsen.

"This year was very rewarding," said Alex Vieux, publisher and CEO of Red Herring. "The global economic situation has abated and there are many great companies producing really innovative and amazing products. We had a very difficult time narrowing the pool and selecting the finalists. Aquaflow Bionomic shows great promise and therefore deserves to be among the Finalists. Now we're faced with the difficult task of selecting the Top 100 winners of Red Herring Asia. We know that the 2012 crop will grow into some amazing companies that are sure to make an impact."

Finalists for the 2012 edition of the Red Herring 100 Asia award are selected based upon their technological innovation, management strength, market size, investor record, customer acquisition, and financial health. During the several months leading up to the announcement, hundreds of companies in the telecommunications, security, Web 2.0, software, hardware, biotech, mobile and other industries completed their submissions to qualify for the award.

The finalists are invited to present their winning strategies at the Red Herring Asia Forum in Hong Kong, September 10-12, 2012. The Top 100 winners will be announced at a special awards ceremony on the evening of September 12 at the event.