Biofuel company Algae.Tec, which in September signed a collaborative agreement with Lufthansa, has gained approval from the Australian government for an A$12.15 million cash refund on Australian and overseas development expenditure for the financial years 30 June 2012 to 30 June 2015. The deal allows for an initial A$27 million spend on Algae.Tec technology developments, of which the Australian government will reimburse 45% or $12.15 million. The money will support funding of at least ...

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