Algalif Iceland has announced a $30 million expansion plan for its sustainable astaxanthin production facilities in Iceland. “This is one of the biggest foreign investment projects in Iceland for a while,” says Orri Björnsson, Algalif CEO.
Construction will begin early next year. Production will more than triple, from over 1.500 kg to 5.000 kg of astaxanthin annually. The company claims they will thereby become the biggest astaxanthin producer in the world.
Since its foundation in 2012, Algalif has gained a status as an industry leader in the production of high quality sustainable natural astaxanthin from microalgae. “This is due to superb production quality and delivery security, along with extensive industry knowledge of the management team and competitive cost structure,” said Mr. Björnsson. “This has resulted in 2020 being the best year in the company’s history. All our production this year, and most of next year’s astaxanthin production is sold.”
The company’s dedication for all around sustainability has led to Algalif being renowned for exceptionally clean, high quality astaxanthin. With its location in Iceland Algalif has access to an abundance of clean natural water and all operations are powered by 100% green geothermal energy.
Algalif’s current 35 employees operate in a 5500 m2 facility producing around 30 tons of biomass annually. The expansion will increase staffing to 70 and the facility to 12,500 m2. Production is expected to increase to 100 tons of biomass annually. During the construction period, more than 100 new local jobs will be created.
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