Algae Company Growing in 'Explosive' MarketPosted: Updated:
Indianapolis-based Algaeon Inc. is poised for a major expansion in the coming weeks. In a recent interview in the Inside INdiana Business Life Sciences Indiana e-newsletter, Chief Executive Officer Paul DeLacey says the new facility will involve 800 bioreactors, compared to the nearly four dozen currently functioning. Algaeon extracts a chemical from algae that executives project could be part of a $2 billion industry by 2020. Algaeon Vice President of Business Development Mike Neibler says the company is one of only four astaxanthin suppliers in the country.
The chemical is used in nutraceuticals.
Algaeon has also developed technology to produce another chemical, beta glucan, at a much higher concentration level than conventional methods. DeLacey says a handful of potential customers are already inquiring about it.
He says that market could reach $100 million next year.
Source: Inside INdiana Business