Innovation, Startups and Venture Capital in Iceland

Algalif to invest 30m$ in expanding its production facilities 

Algalif

Algalif, a leader in the production of natural astaxanthin from microalgae, has started expanding its production facilities in Reykjanesbær, Iceland. According to a press release, the company will invest 30m$ in the expansion.

When the expansion of the facilities will be completed in 2023, Algalif’s 12.500 m² facilities will be the largest, most sustainable, and most technically advanced astaxanthin production facility in the world, according to the company.

Algalif was founded in 2012 in Norway but moved its operations to Iceland in 2013. It’s owners are Norwegians.

Orri Björnsson, Algalif CEO, said in the company’s a press release that everything is going according to plan and that the company looks forward to being able to serve its customers even better in the coming years.

He recently spoke to Business Focus Magazine about the company’s future and said that he could see this relatively young company grow quite fast in the next three or four years. 

“I foresee us expanding our offering into other kinds of algae over the next two-to-ten years. We can develop the market in significant volumes and become one of the biggest microalgae growers in the world with our expertise helping us to continue to grow for the foreseeable future,” Björnsson said.

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