Pond Technologies, headquartered in Markham, Ontario, Canada, is on track to build a factory to grow astaxanthin using CO₂ emissions from an on-site natural gas plant.
Pond Technologies Holdings Inc. has announced that it will work with CSV Midstream Solutions Corp. (“CSV”) on an engineering study for the design and construction of an algae plant.
Upon completion of the study, and a positive Final Investment Decision by CSV, the first stage of development would be a production facility that cultivates astaxanthin for Pond products. The algae would consume CO₂ emissions from one of CSV’s natural gas facilities near Grande Prairie, Alberta.
Pond is currently selling astaxanthin under its Regenurex brand. As microalgae are becoming increasingly important in pharmaceuticals and cosmetics, nutraceuticals, human nutrition, aqua farming, bioplastics and biofuels, Pond has begun to license its technology to third parties for ongoing fees and royalties.
In the new project Pond would provide engineering services, proprietary equipment and operational support. Pond and CSV anticipate further scale-up opportunities to absorb more carbon emissions.
“The execution of this LOI with CSV is another example of the importance of Pond’s vertically integrated platform,” said Grant Smith, President & CEO at Pond. “This proposed algae plant would provide us with an enhanced supply of Canadian grown astaxanthin and would serve as an additional revenue stream for Pond Naturals. Our focus remains sustainable revenue generation, and validation of our model, and it is these types of agreements that do just that.”
“CSV was founded on the principles of advancing innovative and new technologies that we deploy to encourage sustainability throughout Alberta, with maximum impact and scalability. We selected Pond to continue to have a positive impact on the communities we work in and our natural environment,” added Daniel Clarke, CEO at CSV.
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