Loxley pursues green revenue targets with new plant
Bangkok-based green solutions company Loxley will spend THB60 million (€1.49 million) on building a new pilot plant for algae-based biofuel.
This news comes after Loxley signed a memorandum of understanding for the development project with Bangchak Petroleum, Ratchaburi Electricity Generating Holding and the Department of Alternative Energy Development and Efficiency.
‘The location will likely be at the power plant owned by Ratchaburi Electricity so that the carbon dioxide from the plant can be used to feed the algae,’ says Loxley VP of business development, Nattapon Dejvitak.
Loxley expect construction to begin in the couple of months and Dejvitak adds that six researchers and biologists will be recruited soon ‘to start the search for appropriate algae species for the project’.
If the business becomes viable then Loxley may invest around a further THB1 million build a commercial production plant before 2014.
This all goes towards Loxley’s focus on raising revenue from green business to 20% of an estimated THB30 billion by 2016 from less than 1% of THB14.6 billion booked last year.