The boost comes in the form of a €4 million equity increase by major shareholder Maabarot Products Ltd, which the French firm will use to support further expansion of its production facility and innovation centre in Saint-Lo, Normandy.
The company works with local fishermen to harvest brown algae just a few kilometres from its plant in Brittany to ensure a constant fresh local supply of seaweed biomass.
“We are pleased with the rapid growth of Algaia,” commented Eyal Shalmon, chairman of majority shareholder Maabarot Products Ltd. “We continue to strive to position Algaia as a leader in the algae extracts market.”
Algaia plans to use the investment to install a new specialty algae extract production line at its facility in Lannilis, Normandy.
The new specialty seaweed extract production unit will use new technologies dedicated to specialty algae extracts, and will enable the firm to look beyond the traditional seaweed extracts market by adding functional liquid products for the Ag-tech market, said the firm.
Algaia said it is committed to controlling its supply and ensuring its customers receive sustainable, high-quality products. Last year, the firm invested €5 million to develop new marine ingredients, improve processing, and increase capacity at its Lannilis facility.
“We are expanding both our portfolio and our geographical presence,” said Fabrice Bohin, CEO of Algaia. “Innovative products and technologies are currently being developed for launch in the coming months.”
Bohin added that Algaia is also looking to strengthen its 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,” he added.