Algae.Tec, WorleyParsons sign MOU

Algae biofuels business Algae.Tec has formed a memorandum of understanding with WorleyParsons over the future development of its projects.

The MOU covers a number of Algae.Tec projects in the European Union, the US, Brazil and Australia, which are in the final stages of technical feasibility studies.

Subiaco-based Algae.Tec said the MOU establishes the framework by which WorleyParsons can support the company in the future development of these projects.

Shares in Algae-Tec closed 1.5c lower at 25c today.