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Algalif Iceland is undergoing a US$30 million expansion plan for its sustainable astaxanthin production facilities in Iceland. The investment will more than triple the company's production.
Algalif Iceland is undergoing a US$30 million expansion plan for its sustainable astaxanthin production facilities in Iceland. Production will more than triple from 1,500 kg to 5,000 kg of astaxanthin annually once the new facility opens in 2022.
“This is one of the biggest foreign investment projects in Iceland for a while,” said Orri Björnsson, Algalif CEO, in a press release. Construction will begin early next year, and the increase in production will make Algalif the biggest astaxanthin producer in the world, according to the company. Already known for production quality and delivery security in addition to a knowledgeable management team and competitive cost structure, Algalif experiences the best year in their company history in 2020, selling all their production that year, and for 2021.
During the construction period, more than 100 new local jobs will be created. From 2023, permanent jobs will double from 35, currently, to 70 employees.