Fresh funds for algae start-up
10/09/2024
“Algae offers immense potential to address climate change and transform multiple industries, but until now, scalable and economical production has remained elusive,” said Algenie CEO and founder Nick Hazell. “Our helix design and technology is a true breakthrough, paving the way for algae-based solutions to become economically competitive with and ultimately replace traditional fossil fuel-based products.”
The company believes its photobioreactor has the potential to reduce the cost of algae production by a factor of ten, down to $1 per kilogram. Its technology is said to enable some algae species to double in quantity every 2-3 hours, enough to produce 100 tonnes per year in a space the size of a shipping container.
Algenie said it will be targeting applications ranging from biofuels to sustainable plastics, textiles and fish aquaculture. Its business plan is to license the technology and collaborate with partners to co-invest in a large-scale production infrastructure.
Photo: left to right, Algenie founders John Martin, Nick Hazell and Mathieu Pernice.
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