In a filing with Bursa Malaysia today, Techna-X said TASB shall commit US$120 million (RM556.8 million) in investment to develop a microalgae farm spanning 34.39 hectares.

MYKO will be the technology provider and farm operator while RTA is the engineering, procurement, construction and commissioning contractor.

The project is expected to produce algae biofuel for a minimum of 30 years.

Techna-X said the investment proposition serves to provide an opportunity via TASB to venture into a green sustainable fuel source with minimal financial outlay and risk.

“MYKO will provide the technology and patents, and will manage the facility’s production, as well as guarantee a minimum of 36,000 tonnes of crude algae oil per annum, which is equivalent to a net revenue of US$40 million (RM179.1 million) per year,” it said.

Techna-X added that the execution of the tripartite agreement is not expected to have any material effect on the earnings, net assets, gearing, share capital, and substantial shareholding for the financial year ending Dec 31, 2023.