This is one of the biggest foreign investment projects in Iceland for a while,” said Orri Björnsson, Algalif CEO
Astaxanthin producer Algalif Iceland has announced a $30m expansion. Production will more than triple when the facility is operational in 2022.
Construction will begin early next year. Production will increase from over 1,500 to 5,000 kg of astaxanthin annually.
The facility will represent an increase of 7000 sqm over the current facility, and produce 100 tons of biomass annually, compared to the current facility’s output of 30 tons.
“All our production this year, and most of next year’s astaxanthin production is sold,” said Orri Björnsson, Algalif CEO.
With its location in Iceland, the company reportedly has access to an abundance of clean natural water and all of its operations are powered by 100% green geothermal energy.
During the construction period, more than 100 local jobs will be created. From 2023 permanent jobs will double from 35 to 70 employees.