Unfazed by the state of world financial markets, Blenheim-based Aquaflow Bionomic Corporation is hoping its futuristic green technology will draw investors to the next stage of its development.

Aquaflow is seeking $20 million to fund commercialisation of its algal biofuel technology, which was listed by Time magazine as one of the world’s 50 Best Inventions of 2008.

”The economic downturn doesn’t change the fact that the world still needs renewable fuels and clean water – and there are investors looking for these opportunities,” Aquaflow chairman Barrie Leay says.

Aquaflow announced in September that it had produced the world’s first sample of green-crude oil from wild algae using its proprietary process. And last month the company signed a memorandum of understanding with US refinery UOP to work together to commercialise algal biofuel technology and to sequester carbon dioxide from power plants.

“Our recent announcements have attracted a lot of interest from private investors internationally. But we wanted New Zealanders to have the first opportunity to invest as it’s unlikely the company will be listed here,” Mr Leay says.

The company already has a $3 million foreign investor, Pure Power Global, of Singapore, a renewable energy business.

Mr Leay says the new capital raising will enable Aquaflow to push ahead with product commercialisation within18 months.

In the past year Aquaflow has announced continuous harvesting of wild algae and the commissioning of its bio-refinery; it has shifted its focus from bio-diesel to green crude; it has produced world-first samples of green crude; and has shown its water remediation process can turn a waste water discharge into clean water.

Aquaflow says it sources its wild algae from the local waste treatment oxidation ponds. The process does not conflict with land use or with the production of food crops. And it has the added benefit of potentially being able to unlock a huge source of re-usable clean water.

“Considering some pundits thought this process would take another decade, we’re making great strides,” Mr Leay says.

Copies of Aquaflow’s prospectus are available online at the company’s website or from Buddle Findlay solicitors in Christchurch. The prospectus will be available to Australian investors from November 18. Shares are 50c each and the offer closes in December.