The Board of Directors of biotech company Algalif agreed on its meeting on December 15th to start preparations for the initial public offering (IPO) of the company scheduled for 2025. The board has mandated Hamrar Capital Partners to manage the preparation process and provide strategic guidance. At the company´s board meeting, Baldur Stefánsson, Managing Partner of Hamrar Capital Partners, was voted as Algalif´s new Chairman of the Board.
Algalif is currently starting up its 7.500m² expansion, bringing the total size of its production facility up to 12.500m², quadrupling the company´s previous production capacity of its flagship product Astalíf™ natural astaxanthin. The new facility will be the largest and most technically advanced natural astaxanthin production facility in the world, with a total investment of roughly 32 million US$.
All operations will continue to be sustainable, as in the production process CO2 is converted into oxygen by the algae through photosynthesis.
Algalif is a carbon-neutral certified company and only uses green geothermal energy for the astaxanthin production process, supplied by Icelandic power company HS Orka via the parties´ long-term power purchase agreement.
“The expansion has been going according to plan and the first processing systems in the new plant are already online. The new facility will help us establish Algalif as the clear global leader in the production and marketing of natural astaxanthin. Furthermore, it will allow us to put even more focus on our research and development into other valuable algae products and address new markets,” says Orri Björnsson, Algalif´s CEO.
“We are very excited by Baldur Stefánsson joining our BoD as chairman, and the future of Algalif now that we will start to ramp up production in our new state-of-the-art plant. The planned IPO will allow us to accelerate growth and strengthen our R&D efforts, to the benefit of our customers as well as other stakeholders.,” says Kenneth Bern, CEO of HeTe Invest AS, Algalif’s owner.
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
It is a great pleasure for Algalíf Iceland, at its 10th anniversary, to sign an agreement with Start-Up company Marea on the development of food coating from leftover algae biomass.
Algalif produces sustainable natural astaxanthin from microalgae. Leftover biomass and oxygen are the only significant by-products. Currently, the leftover biomass is used as a fertilizer.
The product will be a biodegradable food coating that will both reduce plastic use and reduce food waste by increasing the shelf life of food.
This utilization is a novelty and can be an important step towards increased sustainability in Iceland and around the world. It is an important contribution to the value-creating circular economy of the future.
Biotech company Algalif Iceland was founded on May 5th, 2012. Since then, after more than 50 million US investments, it has grown to be a workplace of 50 employees with 12 million US annual export. It is a zero-emission company and an industry leader in the field of sustainable natural astaxanthin. The company actually binds 75 tons of Co² every year. And we are still growing strong.
Áslaug Arna Sigurbjörnsdóttir, Iceland’s minister of Science, Industry, and Innovation visited Algalif today.
She was greeted by Orri Björnsson, the company’s CEO.
Algalif has been awarded the Global Health and Pharma Biotechnology Awards 2022 as the Best Natural Astaxanthin Products Supplier. Algalif got the same award in 2021.
This is the seventh time that the UK-based Global Health & Pharma magazine gives out the international Biotechnology Awards. The magazine is a part of AI Global Media publishing house.
“We are honored by receiving these esteemed awards for the second time,” says Orri Bjornsson, Algalif´s CEO. “But the real honor belongs to our dedicated team and their hard work.”
Algalif is one of the world’s biggest producers of sustainable natural astaxanthin. Algalif is the first and only Icelandic Company to be awarded the GHP Pharma Biotechnology Awards and therefor also the first Icelandic company to win it twice.
Further information about all winners:
Further information about Algalif winning in 2022:
Further information about Global Health and Pharma and AI Global Media:
Further information about Algalif:
Algalif´s CEO Orri Björnsson has been honored as one of the Top Ten business leaders of the year 2022 by CEO Views magazine. Read the article here.
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Algalif Iceland is a world-leading producer of sustainable natural astaxanthin from microalgae. The company only uses 100% green geothermal energy and follows a strict Environmental Policy. And now Algalif Iceland has received Landsbankinn´s Sustainable Finance Label.
Landsbankinn is a leading financial institution in Iceland, offering universal financial services to individuals, corporates, and investors. The bank operates in harmony with the environment and society. For further information click here.
Algalif is among the biggest microalgae companies in the world and will grow even further in the coming years with its expansion. From 2023 the company will produce over 5.000 kg of sustainable natural astaxanthin in its 12.500 m² production facilities in Iceland. Thereby, it will be the biggest producer of natural astaxanthin in the world.
The picture shows Orri Björnsson, CEO of Algalíf og Hrafn Hardarson from Landsbankinn.