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Tuesday, 04 December 2018 14:08

Algae as sustainable fish feed secures big investment

Commercial-scale algae cultivation company, Firglas has secured a £1.5 million investment from environmental fund manager Earthworm, who are providing 50% of the company's goal to raise £3 million of equity under the Enterprise Investment Scheme (EIS), to build two facilities and start commercial-scale production.

firglas algae2Ben Prior, CEO at Earthworm, commented: "Firglas is in an industry that we expect to experience huge growth over the next 10 years. The challenge of feeding our population sufficient protein while minimising our impact on the environment is a huge one, but is one I believe Fredrik Adams, Firglas CEO and Founder and his team are perfectly placed to tackle."

Earthworm sources, develops and nurtures early-stage businesses with commercial potential, but only investing in projects that it trusts will have a positive social or environmental impact on the world. 10% of Earthworm profits go to charitable causes, 10% is shared amongst Earthworm employees and 10% is invested in the environmental technologies of tomorrow.

Firglas has accomplished several years of trialling and operating microalgae facilities, developing a production system to make food-grade products. Firglas targets existing markets, including food supplements and fish feed – it also pursues the alternative protein trend - the increased demand for alternative protein is led by consumer trends including the flexitarian diet and reduced meat consumption. Firglas has developed and built algae, anaerobic digestion and hydroelectric plants since 2013.