Cleveland, Ohio - During an August visit to Saudi Arabia, AlgiSys met with King Abdullah University of Science and Technology (KAUST) about AlgiSys’ patented algae-based technology to produce EPA Omega-3 and plant protein.
KAUST invited AlgiSys to apply to its competitive Destination Deep Tech Program, for companies with disruptive technology. AlgiSys applied and was accepted.
AlgiSys’ technology aligns with the Kingdom’s 2030 food security and self-sufficiency goals. AlgiSys is in discussions with the Saudi Arabian private and public sectors to invest and locate the algae fermentation production facility in Saudi Arabia to produce its EPA Omega-3 and plant protein products. The plant will create local employment and serve as an export hub for the Middle East and Europe.
AlgiSys also plans to initially launch into the aquaculture and feed markets, followed by entry into other vertical markets including human nutrition, cosmetics, and pharmaceuticals.
L. Jack Staley, AlgiSys Board Chair and President stated: “Building a state-of-the-art manufacturing plant for feed and food production in Saudi Arabia is aligned with the “Global Supply Chain Resilience Initiative (GSCRI)” and an important step towards reaching Vision 2030 food security goals. It will enable us to supply the domestic market and export regionally while sustainably protecting the environment, confronting climate change, and directly addressing the catastrophic problem of overfishing.”
KAUST Destination Deep Tech is a 3-month program that provides deep tech startups with everything needed to explore technology and business opportunities in Saudi Arabia. Through digital and in-person sessions at KAUST, companies can explore the Saudi market and startup ecosystem, connect to world-renowned researchers, and leverage KAUST’s unique infrastructure and technology expertise. https://destinationdeeptech.kaust.edu.sa/
About AlgiSys BioSciences, Inc. - AlgiSys is a disruptive BioFoodTech company with patented microalgae-based omega-3 and protein solutions for multiple high-growth markets. AlgiSys uses commercial fermentation technology to sustainably produce non-GMO, halal, EPA Omega-3s and plant protein. AlgiSys’ all-natural products are a fully traceable and a complete technology solution that can replace fish oil and fishmeal as a source for human nutrition, pet and animal health, aquaculture, cosmetics, and pharmaceuticals. www.algisys.com.
AlgiSys is advised by Merchant Edge, an international capital advisory firm with particular experience in the Middle East. Merchant-Edge provides corporate and public advisory services in debt, equity, refinancing, buy and sell-side M&A, alternative investments, and merchant banking. https://www.merchant-edge.com
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