Algaia receives €4 million boost for seaweed extract production unit

22 May 2018 --- French biomarine company Algaia is to install a new specialty seaweed extract production unit in its Lannilis (Brittany-France) manufacturing facility, following an additional €4 million in equity granted by the company’s main shareholder, Maabarot Products Ltd. The boost will also support further expansion of its production facility and innovation center located in Saint-Lo (Normandy-France).

Algaia works with local fishermen to harvest brown algae near its plant in Brittany, France, to ensure a constant local supply of seaweed biomass. The company notes it is committed to control its supply and ensure its customers receive sustainable, high-quality products.

Algaia previously invested €5 million in 2017/2018 in its facilities in Lannilis, France, to develop new marine ingredients, improve processing, and increase capacity. 

The company intends to install a new specialty algae extract production line based on innovative technology developed in the past three years. The new production unit will expand Algaia’s portfolio beyond traditional seaweed extracts, adding functional liquid products for Ag-tech market.

“Specialty algae extracts are now growing in several applications like plant protection, animal health and cosmetics. We also see a growing trend for chemicals replacement by algae-based products in biodegradable plastic, coatings, cosmetics, feed and agriculture (Ag-tech),” Fabrice Bohin, CEO of Algaia, tells NutritionInsight, adding that the company is seeking to launch new ingredients by the fourth quarter of this year.

“We are pleased with the rapid growth of Algaia,” notes Eyal Shalmon, Chairman of Maabarot Products Ltd. “We continue to strive to position Algaia as a leader in the algae extracts market.” 

“We are expanding both our portfolio and our geographical presence,” adds Bohin. “Innovative products and technologies are currently being developed for launch in the coming months. We also are strengthening our positions in the Americas where, as in Europe, we identified a growing interest in marine-derived ingredients. We are pleased to see our shareholders committed to Algaia’s growth plans and we look forward to continuing our growth both organically and via acquisition of specialty marine-based companies.”