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Algaetech signs financing deal for Haematococcus scale-up

September 3, 2013
AlgaeIndustryMagazine.com

Algaetech

L-R: Engku Husain Hazmi Engku Embong, Vice President, Credit Management Division (MDV), Nizam Mohamed Nadzri, Senior Vice President, Corporate Planning & Communications & Business Division (MDV), Y.Bhg Datuk Md. Zubir Ansori Yahaya, Managing Director/Chief Executive Officer (MDV), Dato’ Paduka Syed Isa Syed Alwi, Founder & Managing Director (AISB), Chock Eng Tah, Director (AISB), Hj. Asmadi Md Said, Director (AISB), Peter Wong Chuan Keat, Director (AISB), Tengku Sharifah Sophia, Project Assistant (AISB)

In line with its vision of becoming a global player in the nutraceutical industry, Algaetech International Sdn Bhd (AISB) has been awarded a project financing facility of RM20 million (~$6 million USD) by Malaysia Debt Ventures Bhd.

Over the past six years, AISB has pursued commercialization of Haematococcus, a microalga from which the super antioxidant, Astaxanthin, is derived. This project financing agreement will facilitate the production of 42 tons/year of Haematococcus biomass.

According to the founder and Managing Director of AISB, Dato’ Paduka Syed Isa Syed Alwi, “Being awarded the facility is a major event that has placed the company on the launch pad to global markets.”

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