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FOR IMMEDIATE RELEASE
Contact: Kristen Boyd
April 26, 2019
April 26, 2019 - JUPITER, FLA - The Business Development Board of Palm Beach County (BDB) assisted the expansion of Algafeed, an algal production company located in Jupiter. Algafeed grows high density, nutritional, natural microalgae to be used as live feed for shrimp, shellfish, and fin fish farms. With a capital investment of $6 million, the company plans on adding 40 new jobs to its existing workforce of 13 to meet the increased demand in production, laboratory and administrative needs.
Algafeed uses life sciences tools to generate a high-density, indoor-grown, living algae supply for aquaculture. It has exclusive licensed access to a patented technology that promotes the growth of microalgae, allowing it to deliver custom orders of any type, amount, and in any location. Unlike current feeds, which either need large plots of oceanfront land or are sold freeze-dried, the Algafeed algae can be grown anywhere and delivered alive. As a result, shrimp and clam aquaculture yields are many times higher per acre for aquaculture.
"The role of live microalgae in global aquaculture is tantamount. Algafeed’s breakthrough technology to produce 100% live, high density, high volume microalgae is breaking industry barriers that that have existed for decades. The Algafeed Team long appreciates the Business Development Board’s continual support and recent recognition in the fast growing life science industry in PBC," said Scott D. Hollingsworth, CEO of Algafeed. "Our Jupiter, Florida founding headquarter has consistently provided the ideal climate, bountiful, professional human resources and business environment stimulus for our evolving technology. Our tightly focused commercial plans are making exciting ripples in both national and global markets a like."
Algafeed installs and leases its algal production technology to world leading aquaculture hatcheries and also supplies microalgae to Floridian and US Eastern Seaboard aquaculture needs including shrimp, oyster, clam and fin fish hatcheries.
The Business Development Board provided technical support in connection with the Small Business Development Center, which also included support for exporting needs. “Algafeed has overcome previously unsurmountable technical barriers by developing a method to produce high density microalgae on a commercial scale indoors. We’re glad that this technology is happening right here in Palm Beach County,” said Kelly Smallridge, President and CEO, Business Development Board.
About Algafeed: Algafeed has exclusive licensed access to a patented technology that industrializes photosynthesis thus optimizing the growth of microalgae. Microalgae is the essential food source in all aquaculture activity. Traditional microalgae cultivation produces an unreliable, limited quantity, variety and quality of microalgae. Algafeed’s modular technology is able to deliver microalgae on a unique commercial scale, quantity, variety and quality.
About BDB: The Business Development Board of Palm Beach County is the official public/private economic development organization for Palm Beach County and Enterprise Florida. Founded in 1982 as a not-for-profit corporation, our primary purpose is to attract and retain new industry, business investment, high quality jobs and workforce development through corporate relocations, expansions and international trade. During the past five years, the BDB has assisted companies that have created more than 12,822 direct jobs with average salaries greater than $69,062, resulting in more than $777 million in capital investment to Palm Beach County and an economic impact that exceeds $6.87 billion. Additional information can be found at the BDB’s web site, BDB.org.