Alga Energy, a Lucca, Italy-based newly formed company that focuses on electricity production from algae, is to receive a €3m venture capital investment from Sviluppo Imprese Centro Italia.
The investment, which was made by Fondo Toscana Innovazione, aims to advance a two stage project:
– to create a pre-indutrial scale pilot facility to cultivate and grow algae, and
– to build an electricity production via burning of vegetable oil derived from algae on an over 7,000m2 area.
The project will also requalify the ex Cucirini area of the city of Lucca.