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Algae.Tec Signs Nutraceutical Supply Agreement

May 26, 2016
AlgaeIndustryMagazine.com

algaeteclogo300Algae.Tec, international manufacturer of modular algae cultivation systems, has announced the signing of an exclusive supply agreement with Gencor, a leading worldwide supplier of health supplements, branded ingredients and standardized single-herb extracts to support specific needs of aging adults.

The supply agreement gives Gencor the exclusive rights to buy all of the algae oil and powders produced by the Algae.Tec plant in Cummings, Georgia, for nutraceutical applications. This follows due diligence and testing by Gencor on the quality and properties of the algae oil and powder produced by Algae.Tec.

Gencor-logo“This is an exciting partnership for Gencor,” said Managing Director of Gencor Pacific, R.V.Venkatesh. “Algae.Tec is among the world’s leading algae technology companies and we will be developing new products and markets with them.”

Algae.Tec’s plant is designed to initially produce approximately 50 tons per year of high value algae for Gencor and the nutraceutical market. The Company is now working to increase this production capacity to approximately 1,000 tons per year with revenue of over $50 million per year.

The current global market for algae-based nutraceutical products exceeds 21,000 metric tons per annum, according to Algae.Tec, representing approximately a $1.3 billion per year market with 6% to over 20% annual growth rates.

“This first supply agreement with a world leader in the ever expanding nutraceutical market is testament to the quality of both the technology and product developed by the Company and continues apace the progression of the Company to cash flow,” said Algae.Tec’s Managing Director, Peter Hatfull.

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