The biofuel will be created from multiple biomass sources, including wild micro algae, wood waste and bagasse, ultimately becoming bio-petrol, bio-diesel and jet fuel.

“This multi-biomass approach gives us the flexibility to develop a feedstock mix specific to available resources worldwide,” said Aquaflow Chair Barrie Leay.

“We believe this is a significant advantage for algal biofuels over lipid oil extraction approaches to diesel and jet fuel.”

The companies said that other sites apart from the Sunshine Coast location are being assessed for their suitability as biofuel energy parks.