Algatech joins FoodConnects consortium

Microalgae-based ingredient producer Algatechnologies (Algatech) has become a member of the FoodConnects consortium.

The Knowledge and Innovation Community (KIC) includes EU member states, as well as associated countries such as Israel, universities and scientific partners covering the entire food value chain.

Algatech has been selected by the KIC leaders as it is the sole algae player participating in the €1,200m initiative.

It will be working within EIT Food to develop new food sources from microalgae utilising its technologies and expertise.

Algatechnologies CEO Hagai Stadler said: “The EIT Food programme meets our vision to invest in the development of unique microalgae ingredients which can improve nutrition for human wellbeing.

“Microalgae contains key ingredients for humans and will become an increasingly important element of our future diet.

“With our leading R&D team and cutting edge technology, Algatech is aiming to realise this vision. We totally agree with the open funding pre-competitive investment concept, which will de-risk research via collaboration and leverage both commercial and academic capabilities for a common purpose.

“We consider it an honour to be invited to such a notable group, and are totally committed to playing our part as we work towards mutual success.”

Each partner in the consortium will be jointly working towards transforming the way in which we produce, distribute and consume our food the partners, and will invest approximately €1,200m matched with up to €400m financed by the EIT, over the next seven years.

Algatech has initiated discussions with other KIC partners to review and select innovative algae sources with important nutritional properties as potential food sources.