Denmark’s Algiecel has received funding from the BioInnovation Institute (BII) for the construction and testing of a novel mobile container-based photobioreactor using algae to sequester CO₂ emissions from industrial processes. The CO₂ is intended to be turned into valuable commodity products including omega-3 oils, protein, and omega-3-rich biomass to be used in food and feed products.
The carbon capture company’s vision is to make it easy for clients to remove millions of tons of CO₂ annually from industrial production without hurting the clients’ bottom lines. Algiecel has designed a business model that, the company says, transforms the cost challenge of CO₂ removal and potential emission penalties into a profitable business opportunity across the entire value chain through revenue sharing from derivative product sales.
Algiecel’s plan is to build and offer compact mobile microalgae photobioreactors and downstream units. They will fit into standard shipping containers and transform industrial CO₂ point emissions and LED light into profitable derivative products on site.
The photobioreactor is flexibly applicable to varying grades of CO₂ and can host any autotrophic microalgae species that grows with photosynthesis. By using small reactor systems with high yields, Algiecel plans to scale individual production sites through the addition of modules rather than increasing the size of batches.
“We are very pleased to have been accepted into the Venture Lab program and to have received funding from BII,” said Algiecel CEO Henrik Busch-Larsen. “Having such a well-renowned partner on board is not only beneficial from a financing perspective but is also a seal of approval for the technology and the proposed business model.”
BII is an international non-profit foundation supported by the Novo Nordisk Foundation. It operates an incubator to accelerate world-class life science innovation that drives the development of new solutions by early-stage life science start-ups for the benefit of people and society. Algiecel was founded in mid-2021with the vision of making CO₂ removal cost-neutral and has undergone a high-paced development process.
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