Latvian company developing products from microalgae
Summary
The goal is to offer a healthier and more sustainable alternative to traditional fish-derived Omega-3 products, concurrently supporting the development and international competitiveness of Latvias biotechnology sector.The technology developed by Latvian scientists provides for the extraction of high-quality Omega-3 fatty acids that are also suitable for vegans, as well as globally sought-after antioxidants fucoxanthin and astaxanthin.According to Kristaps rglis, CEO of Sibiotech, the importance of Omega-3 fatty acids and antioxidants in improving health, boosting immunity, and supporting metabolism is backed by scientific evidence. With the growing prevalence of cardiovascular and other chronic diseases, along with the impact of climate change and pollution on fish resources, the demand for high-quality Omega-3 fatty acids is rapidly increasing.Therefore our team of scientists, in collaboration with medical professionals, has developed technologies to cultivate microalgae in controlled conditions for the extraction of Omega-3 fatty acids and antioxidants. This will allow us to create new products in the near future that align with global trends in sustainable food and health-promoting product manufacturing, says rglis.The financing provided by the bank will enable the company to expand its production capacity, diversify its product range, and increase export opportunities. The funding is being provided in two phases with co-financing from the Rural Support Service in July 2024, the company received 297,000 for the purchase of three pieces of equipment, and in December 2024, an additional 575,000 was allocated to fund the acquisition of a softgel capsule production line. The total cost of the project amounts to 2.74 million.