Algatechnologies joins EIT Food consortium

Israel-based Algatechnologies (Algatech) has joined the FoodConnects consortium, a European Institute of Innovation & Technology (EIT) Knowledge and Innovation Community (KIC) comprising 50 leading companies, universities and scientific partners covering the entire food value chain.

Algatech was chosen by the KIC leaders to be the sole algae player participating in the €1200 million initiative. It will work within EIT Food to develop new food sources from microalgae utilising its technologies and expertise.

Each of the consortium partners is committed to jointly transforming the way in which food is produced, distributed and consumed. Over the next seven years the partners will invest close to €1200 million, matched with up to €400 million financed by the EIT.

Hagai Stadler, CEO of Algatechnologies, said: “The EIT Food program meets our vision to invest in the development of unique microalgae ingredients which can improve nutrition for human wellbeing. Microalgae contains key ingredients for humans and will become an increasingly important element of our future diet.”

Algatech is a supplier of AstaPure natural astaxanthin, derived from non-GMO microalgae ‎grown in sustainable, environmentally green, closed-cultivation systems that harness the power of natural ‎sunlight.