Carbonxt Group (ASX:CG1) Secures AU$240,000 Grant for Algae Mitigation Research

Highlights

• Carbonxt secured a research grant for a study on water remediation aimed at addressing the adverse effects of algae growth on coastal communities.
• The research initiative will be conducted in collaboration with Mote Marine Laboratory, an independent non-profit marine research organisation based in Florida.
• The study will leverage Carbonxt’s expertise to develop pelletised, eco-friendly algicides with activated carbon for effective marine algae mitigation.

The share price of United States-focused cleantech company Carbonxt Group Ltd (ASX:CG1) experienced an increase of 2.47%to AU$0.083 on the ASX on 19 August 2024. This increase followed the company's announcement of securing a US$159,000 (approximately AU$240,000) research grant from the Florida state government. The grant will support a pioneering study on water remediation designed to address the adverse effects of algae growth on coastal communities.

CEO of Carbonxt Inc, Regina Rodriguez PhD, commented: “Along with our commercialisation initiatives, Carbonxt’s industry-leading R&D capabilities and strong commitment to environmental remediation position us to make significant strides in addressing harmful algae blooms that affect US waterways. This project exemplifies our dedication to developing sustainable and effective solutions for water quality challenges and improving the quality of the environment. Carbonxt is pleased to leverage its own in-house expertise in direct collaboration with government policymakers and our research partners in pursuit of environmental outcomes which are in the public interest.”

The research will be carried out in collaboration with Mote Marine Laboratory, an independent non-profit marine research organisation based in Florida. The project is aimed at reducing marine algae, with a particular focus on Red Tide algae, which remains a serious threat to Florida’s Gulf Coast. This will be achieved through innovative methods, including the use of Carbonxt’s advanced Activated Carbon (AC) products. The study will utilise Carbonxt’s expertise to develop pelletised, environmentally friendly algicides combined with activated carbon, creating a comprehensive solution for mitigating marine algae problems.

The grant is provided under Florida Statutes established in 2019, part of a broader government initiative designed to advance collaboration between public and private research groups. The goal is to implement cutting-edge technologies to mitigate the effects of Red Tide algae on coastal communities, enhancing environmental protection and sustainability.