The startup has now secured enough funding to reach a commercial scale
The company uses microalgae to capture CO2. Following the successful inception of its pilot plant in 2022, Algiecel will use the new funding round, which was led by West Hill Capital, to scale up to a full-size demonstration plant in the Energy Technology Development and Demonstration Programme-supported CAPCO2 project with Novonesis.
According to the startup, significant commercial interest has already been secured for its high-value microalgae-based biomass and bio-oil, and application trials are currently underway.
“We are incredibly proud to have secured this significant capital for our scaling efforts. This funding allows us to take our technology and company to the next level in close collaboration with key partners like Novonesis. Algiecel is set-up to deliver low-carbon ingredients to the food and feed market, answering the demand for sustainable products and helping companies reduce their CO2 emissions,” noted Henrik Busch-Larsen, founder and CEO of Algiecel, in a press release.
Algeicel is targeting CO2 emitting industries which can supply CO2 directly to Algiecel's on-site bioreactors, where low-carbon algae-based ingredients are produced.
As the startup explains: “Companies using these ingredients can reduce their carbon footprint while offering high-quality, sustainable products across feed, food, dietary supplements and cosmetics. The larger benefit to society is a reduction in carbon emissions and a sustainable food system that requires less agricultural land and water.
“With the new capital infusion, Algiecel is poised for an exciting future, transitioning from pilot operations to full-scale deployment. Building stronger partnerships with potential CO2 suppliers and securing additional ingredient off-take agreements will be key to the company’s future growth.”
