“At the very least, you made new friends, grew your network, and gained perspective.”— Pierre Erwes, BioMarine
Dear seaweed and microalgae investors, operators, and technologists, welcome to another edition of the Paxtier Report!
Food for thought this week…
“Picture the happiest moment in your life this past year…” posed Erik Bruun Bindslev to the audience… “Now raise your hand if you experienced that moment in nature?”
Almost all hands went up.
This personal connection with the planet was a recurring theme at the BioMarine Conference.
Set in Espace Bellevue, large windows behind the stage offered a jaw dropping view of immense Atlantic waves. A perfect backdrop.
Speakers from various fields explored collaborative opportunities, investment trends, and emerging technologies in the blue economy, leading to new deals, connections, and inspiration for both entrepreneurs and investors.
Here are some of my thoughts following the event…
Financing Ocean Innovation
There have been promising developments in the blue economy over the last two decades, marked by the emergence of specialised ocean investment funds and a growing interest in ocean-related careers.
Despite this progress, significant challenges remain in terms of financing. The gap between required funding and actual investment is sometimes referred to as an “abyss”. To meet Sustainable Development Goal 14 (SDG14) by 2030, it’s estimated that $175 billion per year is needed. Yet, investment has been lagging – between 2015 and 2019, the total investment was less than $10 billion.
How can this change?
It’s important to recognise that the blue economy is still nascent. As a result, we must remain patient while value chains properly develop and better business cases emerge, both of which will attract more investors. Larger acquisitions, revised risk assessment strategies, and innovative enabling technologies will also drive participation from specialised blue economy bank analysts, who will help increase the flow of capital, and facilitate a mindset shift among institutional investors and public funding bodies.
Algal Biorefineries
Algal biorefineries continue to attract investors. A few new companies stand out for their reduced energy requirements and licensing business models which help farmers move up the value chain.
At the BioMarine Conference, several partnerships were announced in this area, for example, new Memorandums of Understanding were signed between GOA Technologies, Qappik ApS, and the National Indigenous Fisheries Canada. These partnerships are seen as a step towards decentralised supply chains – which better support remote ocean communities. They’re also a reaction to malpractice by large international aquaculture firms and historic inequitable revenue distribution. For a deeper understanding of this decentralisation trend, Unruly Capital’s thesis on the topic offers valuable insights.
The Wild vs. Cultivated Seaweed Debate Continues
The debate between wild and cultivated seaweed continues in emerging farming regions. Wild seaweed harvesters assert that their approach is more realistic, mainly due to price being the key factor in market decisions. They raise concerns about the ability of new farming regions to ever compete with established European wild harvesters and major production hubs.
To counter these points, Qappik ApS presented a case for cultivation in Greenland, highlighting the region’s extensive coastline, small population, favourable conditions for certain species, and governmental support. Like others, they also advocated for a hybrid approach, combining wild harvesting with cultivation – acknowledging the need to balance market demand with gradually scaling up cultivation.
BioMarine
The value of smaller, focused conferences was clear at this event. It successfully gathered a mix of newcomers and experienced professionals, and the openness and willingness to engage from all participants was amazing, all facilitated by the brilliant Erwes family.
The conference covered a wide spectrum of topics, including biodiversity indexing and the innovative applications of AI and satellite technology in the blue economy. I’d strongly recommend attending the next BioMarine Conference if you can. A heartfelt thanks to Pierre Erwes, Véronique Erwes, Antoine Erwes, and Nicolas Erwes for their dedication to supporting our ocean ecosystem.
And to conclude, I’ll share my favourite quote from the event, which perhaps best encapsulates its spirit:
“At the very least, you made new friends, grew your network, and gained perspective.”
— Pierre Erwes
In today’s report…
Markets: 📈 Checkerspot announces a significant breakthrough in developing a human milk fat analogue by fermenting microalgae.
Deals: 🤝 Carbon RX and King Tide Carbon sign strategic MOU.
Movers and Shakers: 🌊 Keel Labs debuts the first-ever T-shirt made from seaweed-based Kelsun™ fiber.
Around the web: 🟢 15 teams selected as finalists in the AlgaePrize 2023–2025 competition, showcasing innovative algae value-chain technologies.
Markets and Investing
✂️Algae Market Snippets
Some big moves in recent weeks…
Macroalgae
🌿 Keel Labs debuts the first-ever T-shirt made from seaweed-based Kelsun™ fiber (Read more HERE)
💸 SCCF Marine Lab receives a grant from the EPA for advancing research on the proliferation of macroalgae in the Matlacha Pass and San Carlos Bay and its impact on seagrass (Read more HERE).
📈 Canada approves 3-NOP, methane-reducing feed additive for cattle, widespread adoption expected to take years (Read more HERE)
🤝 Jennifer Bett Communications appointed as Agency of Record for OSEA (Read more HERE) and Murrieta Hot Springs Resort also collaborates with the seaweed team (Read more HERE).
🌿 CH4 Global starts commercial deliveries of its methane-reducing cattle feed supplement (Read more HERE)
🤝 Japanese firms join forces to develop TNFD-aligned voluntary biodiversity credits, focusing on seaweed projects for environmental restoration (Read more HERE)
🌊 Bright Tide’s inaugural regenerative farming accelerator welcomes ten aquaculture startups, fostering sustainable ocean and land farming practices (Read more HERE).
💸 Scottish aquaculture and fishing sectors receive £14m boost from Marine Fund Scotland, enhancing sustainability and innovation (Read more HERE).
🤝 Carbon RX and King Tide Carbon sign strategic MOU to advance carbon sequestration and soil health using biosynthetic algae and seaweed technologies (Read more HERE).
🌊 China’s intelligence agency targets ‘extreme environmentalism’ in the fishing industry as a national security concern (Read more HERE).
🌿 Dominican Republic to launch its first satellite aimed at tackling the Sargassum seaweed issue from space (Read more HERE).
🌿 Packaging innovations: Loop Industries and Bormioli Pharma get bottled up, Notpla’s seaweed spoon (Read more HERE).
🌿 Benalmadena battles invasive Asian seaweed (Read more HERE).
🌿 Union Minister Parshottam Rupala advocates for seaweed cultivation for boosting fish farmers’ income in India (Read more HERE).
📈 Rumin8 launches demonstration plant in Wangara (Read more HERE)
🌊 Japan’s ALPS-treated water release meets international safety standards, IAEA Task Force report confirms (Read more HERE).
📈 Portugal’s new Voluntary Carbon Market Law to foster blue carbon projects and align with EU initiatives (Read more HERE).
🌿 Emily Seaweed Crisps make their debut in the UK’s largest retailer, Tesco (Read more HERE)
🤝 GOA Ventures signs MOU’s for deploying portable fresh seaweed biorefineries in Greenland (Read more HERE) and Canada (Read more HERE).
💸 Tekslo Seafood AS embarks on a crowdfunding campaign for new seaweed projects (Read more HERE)
📈 Gimme Seaweed expands its distribution to national scale at Albertsons Companies (Read more HERE)
🌿 FutureFeed releases its 2023 Report to Industry on Asparagopsis, offering comprehensive insights into the seaweed and livestock industries (Read more HERE)
💸 Nanwakolas Council receives funding from Environment and Climate Change Canada for kelp restoration research, combining Indigenous and Western science approaches (Read more HERE)
🌿 OCEAN ACTIVES® Fucoidan has been clinically proven to reduce redness by up to 96%, whilst soothing, nourishing and hydrating the skin (Read more HERE)
Microalgae
💸 After €4m in sales in 2023, Fermentalg kicks off 2024 with over €9m in contracts and orders (Read more HERE).
👏 dsm-firmenich, the world’s largest ingredient supplier, successfully defended its patent on algae-sourced, high-concentrate omega-3 DHA before the U.S. Patent and Trademark Office (Read more HERE)
📉 Corbion undergoes major restructuring, reducing workforce by 200 and closing Peoria fermentation plant (Read more HERE).
🤝 University of Wyoming and Colorado State University collaborate to test algae-based carbon technology at Wyoming Integrated Test Center (Read more HERE).
🟢 New project initiated to develop sustainable algal protein with enhanced flavour and environmental benefits (Read more HERE).
🤝 Oterra and VAXA Technologies announce partnership to develop microalgae-derived food colourings (Read more HERE).
📈 Checkerspot announces a significant breakthrough in developing a human milk fat analogue by fermenting microalgae (Read more HERE).
🟢 Global Thermostat launches innovative T-Series system for multi-tonne Direct Air Capture of carbon dioxide (Read more HERE)
🟢 Jongerius ecoduna GmbH announces production of organic Chlorella in closed photobioreactor system (Read more HERE).
💸 $1 million Climate Solutions Prize awarded to three Israeli innovations (Read more HERE)
🐦Tweets of the week
🔥 What else was hot in seaweed and microalgae this week?
Macroalgae
🌿 Innovative seaweed shelters by Atlantic Mariculture aim to restore wild salmon and sea trout habitats in Scottish coastal kelp forests (Read more HERE).
🌿 “World-first” seaweed study examines effects of artificial light (Read more HERE).
🌿 Origin by Ocean is nominated for the 2024 Earthshot Prize (Read more HERE).
🌿 Video showing development of heat-storing seaweed materials which can help with energy reuse (Read more HERE).
Microalgae
🟢 15 teams selected as finalists in the AlgaePrize 2023–2025 competition, showcasing innovative algae value-chain technologies (Read more HERE).
🟢 SIU student team, led by a professor, aims to use algae for pioneering space agriculture projects (Read more HERE).
🟢 China Focus: Chinese scientists mull over building “cell factory” of blue-green algae (Read more HERE)
🧪 Study reveals the effectiveness of phycoerythrin as an antioxidant and antimicrobial agent in preserving fresh rainbow trout fillets (Read more HERE).
🟢 Understanding nutrient cycling between algae and bacteria could lead to increased biofuel production (Read more HERE).
That’s all folks!
Thanks again for joining us this week. Hope you have a great day and stay tuned for more seaweed and microalgae updates soon!
Best,
Peter
