Algalíf and geothermal power company HS Orka sign a 15-year agreement on green electricity purchases
The biotechnology company Algalíf has signed a new 15-year agreement for the purchase of environmentally-friendly electricity from power producer HS Orka. All the electricity is produced with geothermal power. Through the agreement, Algalíf ensures sufficient clean energy for the company’s ongoing plant expansion.
Algalíf grows microalgae and processes them into the dietary supplement astaxanthin. Green electricity is one of Algalif’s most important resources. The foreseeable stability in energy prices that is bound by the agreement strengthens the company’s international competitive position in the long term.
HS Orka is known for its security of supply and environmentally friendly production of geothermal electricity. It is therefore in accordance with Algalif’s environmental policy to enter into a long-term agreement with HS Orka, as Algalíf places great emphasis on sustainability, product purity, and the minimum ecological footprint of its production processes.
Construction work on the Algalif plant expansion is progressing well, but production capacity will triple, from 30 tons to 100 tons of biomass annually, and the number of employees will double from 40 to 80. The project will be finished by the end of 2023. With secure access to green electricity, there is no nothing to stop the company from becoming the largest worldwide producer of sustainable natural astaxanthin.
Algalíf has been in a business relationship with HS Orka since the company was founded a decade ago. The management of both companies is satisfied with the collaboration so far and expects a lot from the collaboration in the coming years