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Algaia receives €4 million boost from main shareholder Maabarot Products
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Thursday, 24 May, 2018, 08 : 00 AM [IST]
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Paris
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Algaia S A’s main shareholder, Maabarot Products Ltd, infused Algaia with an additional €4 million in equity to support the further expansion of its production facility and innovation centre located in Saint-Lo (Normandy-France).
The latter will accelerate development and install a new specialty seaweed extract production unit in its Lannilis (Brittany-France) manufacturing facility dedicated to specialty algae extracts.
Algaia works with local fishermen to harvest brown algae just a few kilometres from its plant in Brittany, France, to ensure a constant fresh local supply of seaweed biomass. The company is committed to control its supply and ensure its customers receive sustainable, high-quality products.
It previously invested €5 million in 2017-18 in its facilities in Lannilis, France, to develop new marine ingredients, improve processing and increase capacity.
The company intend 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.
“We are pleased with the rapid growth of Algaia,” noted Eyal Shalmon, chairman, Maabarot Products Ltd, adding, “We continue to strive to position Algaia as a leader in the algae extract market.”
“We are expanding both our portfolio and our geographical presence,” added Fabrice Bohin, chief executive officer, Algaia.
“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 added.
Bohin said, “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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