Algalif AS is investing in micro algae production in Iceland, focusing on high-quality natural Astaxanthin. An investment agreement has been signed between Iceland‘s minister of industries and innovation and Algalif.
The USD 18m investment in Iceland includes proprietary technology for optimising algae strains, developed by Algalif, and production systems that control the environment for the microalgae 24/7 and provide optimal protection against contamination by foreign algae and other microorganisms. Ásbrú Enterprise Park near Keflavik international airport provides pristine water, green electricity and free cooling
Natural Astaxanthin is a valuable ingredient for food supplements and currently demand exceeds supply. NutraQ AS, a Norwegian health product company is majority shareholder and investor in Algalif.
The investment agreement, signed by Ms. Ragnheiður Elín Árnadóttir, minister of industries and innovation, and pending approval by the parliament, ensures the Algalif investment at Ásbrú various incentives, including 18% corporate income tax for up to 13 years.