Algiecel secured DKK 50 million (EUR 6.5 million) in a recent equity funding round led by West Hill Capital.
The company’s innovative microalgae-based technology links CO2 utilization with biology to serve the feed and food industries. By utilizing state-of-the-art LEDs powered by renewable electricity, and industrial CO2 as the feedstock, the company has optimized the production of microalgae biomass beyond the current industrial benchmark. The photobioreactors are mobile and can be directly deployed at the CO2 point of emission, as a closed system independent of local environmental requirements. The system is suitable for any type of photosynthetic microalgae (autotrophic) and uses natural mutagenesis as well as gene editing to select the most optimal microalgae species dependent on customer needs and end-product applications.
After the successful inception of its pilot plant in 2022, Algiecel will use these new funds to accelerate its next development phase, including constructing its first full-scale demonstration unit at Novonesis in Kalundborg, scheduled for Q3 2025.
The pilot was also used to produce product samples and evaluate the product by potential customers. As for now, product samples have been sent out to various companies within different industries for testing.
“This funding round is particularly noteworthy considering the current investment climate for biotech startups, where higher capital requirements and risks have led to a more selective approach from investors. The process took considerable effort and due diligence, but the successful outcome is a clear indication of the market’s confidence in Algiecel’s potential to drive sustainable innovation. Our unique algae-based technology, which converts CO2 emissions into valuable ingredients, continues to attract significant commercial interest as we scale our operations,” the company said.
