uala Lumpur, Malaysia-based Algaetech International Sdn Bhd (Algaetech) has announced that a groundbreaking ceremony will be held on Monday, October 28, for the launch of their Haematococcus Pluvialis Cultivation, Production and Bio-Processing Plant. The ceremony at Algaetech’s current Production Center, located at Technology Park Malaysia (TPM,) marks the company’s milestone achievement in obtaining a 3-acre land lease from TPM to construct the 3.5-ton monthly output, 120,000 sq. ft., closed-system facility.
Algaetech has embarked on a RM27 million (~$8.5million USD) project to become one of the largest producers of Haematococcus Pluvialis biomass in the region. Since 2006, Algaetech’s main research focus has been Haematococcus Pluvialis, the microalgae that produces the super antioxidant Astaxanthin. Algaetech markets Astaxanthin through its brand “Astaxanthin Premia-EX.”
The company has developed its own technology, AIMsys™ (Algae Integrated Management System,) a beginning-to-end process for the cultivation, harvesting and processing of the microalgae.
Algaetech has already secured full off-takers for the entire production by well-known Astaxanthin marketers around the globe. Dato’ Paduka Syed Isa Syed Alwi, Managing Director and founder of the company since 2004, is currently also looking at expansion in Brunei and other countries. “With support from the government and Berjaya’s participation in Algaetech, we are now in pole position to turn the algae industry into a reality in Malaysia,” he said.
Algaetech also secured a RM20 million (~$6.3million USD) project financing from Malaysia Debt Ventures Berhad, in August, 2013, which will contribute to the estimated project cost.