Algaia Receives €4 Million Equity Increase for New Seaweed Extract Facility, Expanded Innovation Center
The equity increase will allow the alginates firm to install a new specialty seaweed extract production unity in its Lannilis, France, manufacturing facility and to ramp up its production of specialty functional algae ingredients above and beyond the firm’s traditional seaweed ingredients.
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Alginates producer Algaia S.A. (Paris) has received a €4 million equity boost from its main shareholder, Israel-based Maabarot Products Ltd., to further develop its algae production capabilities. The equity increase will allow Algaia to install a new specialty seaweed extract production unit in its Lannilis, France, manufacturing facility and to ramp up its production of specialty functional algae ingredients above and beyond the firm’s traditional seaweed ingredients. It will also help to expand its innovation center in Normandy.
In 2017 and in 2018, Algaia invested €5 million in its Lannilis facilities to develop new marine ingredients, improve processing, and increase capacity. The company said that with the new equity investment, it will install a specialty algae extract production line based on innovative technology that it has developed over the past three years. The new production unit will also expand Algaia’s existing alginates portfolio beyond traditional seaweed extracts to include functional liquid products for the agricultural technology space.
“We are pleased with the rapid growth of Algaia,” said Eyal Shalmon, chairman, Maabarot Products Ltd., in a press release. “We continue to strive to position Algaia as a leader in the algae extracts market.”
Algaia also said that the equity increase will help increase its global presence in the alginates market. Said Fabrice Bohin, CEO, Algaia, in the press statement: “We are expanding both our portfolio and our geographical presence. 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.”
He continued: “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.”
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