SABRTech, formerly Marine Arctic and Antarctic Technologies, is developing a procedure to convert grown and harvested algae into aviation biofuel. The idea is obviously a good one: the company was awarded $100,000 in cash, $200,000 as a negotiable seed investment, and mentoring and business development services.
The competition, administered by Innovacorp (covered previously), awards companies with the best potential environmentally-friendly technology. The entrants this year included companies from Canada and the US, as well as Serbia, Denmark, and even the Netherlands.
Mather Carscallen, CEO of SABRTech, is pleased with his startup’s success. "Algae have huge potential as a source of biofuel," he explains. "Winning this competition is invaluable. It allows me to focus on prototype development so I can eventually market my technology around the world." Mather spent three years as an Algal Cultivation Technician for the National Research Council before starting his own company.
In the Innovacorp press release, Jacquelyn Thayer Scott, interim CEO of Innovacorp, explains the need for a competition like this in Nova Scotia, “Nova Scotia has a lot to offer emerging clean technology companies, from clean energy resources to a supportive business and policy environment. We're delighted the competition's results demonstrate that Nova Scotia entrepreneurs are among the best in the world, and we look forward to being a part of Mather's future success."