AlgOil Industries Receives Third Round of Funding from Venture Partners Group
AlgOil Industries prepare for Initial Public Offering with the final stage funding to be raised by Venture Partners Group.
- (1888PressRelease) September 01, 2010 - AlgOil Industries are in the process of realizing their development plans to be the first Asian company to produce operational, industrial scale, bio-reactor plants for their commercially targeted bio-fuel made from algae oil.
AlgOil Industries have been assisted on two previous occasions with their eco-energy project by the Tokyo-based venture capital firm, initially being funded with $28m (€22m) in 2008 out of the coffers of Venture Partners Group.
Venture Partners Group then went on to raise a further $18.3m (€14.2m) from mid-long term investors by the sale of shares in the Taiwan-based company during the two year construction period, assisting with the project management and obviously the much needed capital required by AlgOil Industries.
Venture Partners Group Chairman Mr. Yoshihoko Kobayashi made the announcement of a planned injection of $46 (€36m) by the sale of pre-IPO shares.
"The success we predict for this project will be realized by the expediency in which the capital can be raised for the third and final stage of this project. This round of funding will be raised by the sale of shares in AlgOil Industries and, due to the nature of the product, we expect to raise $46m (€36m) by offering pre-IPO shares at €6.25, with a view to going to the Initial Public Offering in the next 8-12 months on one of Asia's major stock exchanges;" Said Mr Kobayashi, Chairman of Venture Partners Group.
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