The Board of Directors of biotech company Algalif agreed yesterday to start preparations for the initial public offering (IPO) of the company scheduled for 2025. The board has mandated Hamrar Capital Partners to manage the preparation process and provide strategic guidance. At the company´s board meeting yesterday, Baldur Stefánsson, Managing Partner of Hamrar Capital Partners, was voted as Algalif´s new Chairman of the Board.
Algalif is currently starting up its 7.500m² expansion, bringing the total size of its production facility up to 12.500m², quadrupling the company´s previous production capacity of its flagship product Astalíf™ natural astaxanthin.
The new facility will be the largest and most technically advanced natural astaxanthin production facility in the world, with a total investment of roughly 32 million US$. All operations will continue to be sustainable, as in the production process CO2 is converted into oxygen by the algae through photosynthesis. Algalif is a carbon-neutral certified company and only uses green geothermal energy for the astaxanthin production process, supplied by Icelandic power company HS Orka via the parties´ long-term power purchase agreement.
“The expansion has been going according to plan and the first processing systems in the new plant are already online. The new facility will help us establish Algalif as the clear global leader in the production and marketing of natural astaxanthin. Furthermore, it will allow us to put even more focus on our research and development into other valuable algae products and address new markets,” says Orri Björnsson, Algalif´s CEO.
“We are very excited by Baldur Stefánsson joining our BoD as chairman, and the future of Algalif now that we will start to ramp up production in our new state-of-the-art plant. The planned IPO will allow us to accelerate growth and strengthen our R&D efforts, to the benefit of our customers as well as other stakeholders.,” says Kenneth Bern, CEO of HeTe Invest AS, Algalif’s owner.
