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Fábrica das Algas = Blackhole Funding

Juntos pelo Povo (JPP), has expressed its “deep discontent” with the predictable outcome of the investment in the so-called ‘Fábrica das Algas’, a project of the Madeira Electricity Company (EEM) that involved more than 50 million euros and aimed to transform algae into biofuel to ensure the energy independence of the island of Porto Santo.

Rafael Nunes, vice-president of the JPP parliamentary group, contested EMM’s decision to sell its stake in the Porto Santo microalgae unit for just six million euros. 

“It is the throwing in the towel by this public company that invested large amounts of taxpayers’ money in a megalomaniac project, based on an untested prototype of a microalgae production unit that would allegedly produce biofuel that would guarantee the energy independence of the island of Porto Santo,” he said.

Fifty-plus million euros later, and after failed reconversions, to the cosmetics and fertilizers industry, EEM decides to sell its stake for six million euros. This example is yet another ruinous business of the Regional Government, through its subsidiary EEM, a kind of Marina do Lugar de Baixo, Porto Santo version, a monument to the lack of rigor in the use of public money that the JPP has always vehemently condemned.” 

Samantha Gannon

info at madeira-weekly.com

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