New Zealand’s own renewable fuel company Aquaflow Bionomic Corporation has been selected as a ‘clean tech’ finalist for Red Herring’s Top 100 Asia award.
Red Herring is a global media company which highlights the world’s best technologies through news services and events. The prestigious awards honour the year’s most promising private technology ventures from the Asian business region.
Founded in 2005 by start-up expert Nick Gerritsen, and successful renewable energy developers Vicki Buck and Barrie Leay, Aquaflow have spent the last six years developing a commercially viable process which sees a number of different biomass products (trees, algae and agricultural waste) converted into renewable hydrocarbon fuels – diesel, petrol or jet fuel.
The technology seeks to address two global and strategic issues: the availability of clean water and the security of energy supplies. Given that the two are interconnected, Aquaflow’s technologies are complementary – able to provide usable water and renewable energy, while simultaneously reducing emissions and waste. Aquaflow claims there is potential to create closed loop systems at a local, regional or national level.
Industrial processes, sewerage and agricultural run off are directly responsible for increasing levels of nitrogen and phosphorus in both freshwater and marine environments. However, these can be removed by naturally occurring algae as they photosynthesise, grow and divide.
Harnessing this algae means it can then be converted into biofuel by breaking its structure down into basic chemical compounds. The end product is dubbed Green Crude™, due to its similarities to crude oil recovered from traditional geological oil deposits in the earth’s crust.
Components of the mixture include petroleum-type materials, diesel, jet fuel-type materials and other fine chemicals.
Aquaflow operates a pilot plant in Nelson and working with global refiners, Aquaflow is seeking to optimise the separation and refinement of these these materials for high specification end use products.
In April the company entered a technology co-operation agreement with CRI Catalyst Company (CRI), and has since started planning to establish its first series of commercial scale refineries in a number of territories.
“We’re thrilled to be named a finalist in such respected company,” says Nick Gerritson, Aquaflow director.
“We’re very proud to be the only Kiwi company to reach the finals in the clean technology category. Our focus has always been on making a near term contribution to renewable fuels and we are now very close to making this a reality. We look forward to flying the flag for New Zealand at the forthcoming Forum in Hong Kong,” he says.
Red Herring selected the most innovative companies from a pool of hundreds from across Asia. The nominees are evaluated on both quantitative and qualitative criteria, such as financial performance, technology innovation, quality of management, execution of strategy, and integration into their respective industries.
This assessment of potential is complemented by a review of the actual track record and standing of a company, which Red Herring say allows them to see past the “buzz” and make the list a valuable instrument for discovering and advocating the greatest business opportunities in the industry.
Gerritsen says this is further evidence that Aquaflow is at the leading edge of drop-in renewable fuels, and creating a technology offering with global potential.
Alex Vieux, publisher and CEO of Red Herring says that the past year has stood out in terms of innovation.
“The global economic situation has abated and there are many great companies producing really innovative and amazing products,” he says.
“We had a very difficult time narrowing the pool and selecting the finalists. Aquaflow Bionomic Corporation shows great promise and therefore deserves to be among the finalists. Now we’re faced with the difficult task of selecting the Top 100 winners of Red Herring Asia. We know that the 2012 crop will grow into some amazing companies that are sure to make an impact.”
Finalists for the 2012 edition of the awards are selected based upon their technological innovation, management strength, market size, investor record, customer acquisition, and financial health. During the several months leading up to the announcement, hundreds of companies in the telecommunications, security, Web 2.0, software, hardware, biotech, mobile and other industries completed their submissions to qualify for the award.
The finalists are invited to present their winning strategies at the Red Herring Asia Forum in Hong Kong, September 10-12. The Top 100 winners will be announced at a special awards ceremony on the evening of September 12 at the event.
