In Australia, Algae.Tec announced a further subscription agreement with Reliance Industrial Investments and Holdings Limited (RIIHL), its largest partner, to raise A$2.4 million. Algae.Tec has assigned an immediate agreement to raise A$1.4 million via the issue of 20 million shares at A$0.07 per share

In addition Algae.Tec is issuing 14,285,714 options to subscribe for shares at exercise price of $0.07 cents per share. RIIHL must exercise 7,142,857 of these options 5 months after December 18, 2014 and subsequently 10 months after December 18, 2014. The proceeds are to be used to provide additional working capital for the fast development of an algae pilot plant in Jamnagar, India, utilizing Algae Tec’s technology for the creation of biofuel.