Perth based health sciences company Algae.Tec will partner with Canadian-based extraction firm Radient Technologies as the company takes the next major step towards producing algae-based nutraceuticals for the fast-growing global market.
In a recent market update, Algae.Tec said the deal with Radient would enable it to use the Edmonton-headquartered company’s extraction technology to boost the yield and consistency of its plant-based nutraceuticals, which are currently in development.
Specifically, the use of Radient’s facilities will allow the extraction of high quality matter from Algae.Tec’s algae powders for use in future high-end nutraceuticals, the company said.
According to Algae.Tec management, the technology has previously proved effective at extracting the active ingredients from plants, including algae, in a cost-efficient manner.
Algae.Tec Managing Director Mal James said: “This is a significant partnership for Algae.Tec as it will enable us to leverage RTI’s superior extraction technology, and it represents one of the final steps in the production of a variety of products for the high-end nutraceuticals market.”
“The global nutraceuticals market provides a compelling opportunity for the business and we look forward to providing our shareholders with the outcomes of this first round of extraction testing this quarter.”
In the latest update, Algae.Tec said initial algae samples were already being shipped to Radient’s state-of-the-art facility in Edmonton, with initial results expected by the end of September.
Algae.Tec sees considerable potential for its algae-based offering in the nutraceutical market, which includes nutritional supplements, sport drinks and medically formulated foods. The market is estimated to be worth a staggering $200 billion per year.
Once considered a noxious substance, algae is now believed to have many benefits flowing from its mix of essential amino acids, omega-3 fatty acids, vitamins and minerals.
In addition to the nutraceuticals market, Algae.Tec has been making strides in the aquafeed market with its algae-based products that enhance the growth, colour and overall health of aquarium fish and coral-living plants.
Algae.Tec’s “FeedMe” product has been approved for use at the Georgia Aquarium, which receives over 2.4 million visitors annually and houses around 100,000 marine animals.
The company’s key technology is a process that converts carbon emissions from industrial operations into algae.