Microalgae-based product development underway by Latvian business entity
Latvian Biotech Company Sibiotech Expands with Funding for Sustainable Omega-3 Production
Sibiotech, a Latvian biotechnology company, is set to expand its production capacity with funding that will enable it to purchase three pieces of equipment in July 2024 and acquire a softgel capsule production line in December 2024. The financing, which totals €2.74 million, also includes co-financing from the Rural Support Service.
The technology developed by Sibiotech's scientists is for cultivating microalgae in controlled conditions for the extraction of Omega-3 fatty acids and antioxidants, such as fucoxanthin and astaxanthin. These components are in high demand globally and offer a healthier and more sustainable alternative to traditional fish-derived Omega-3 products, addressing the concerns of vegans.
The demand for high-quality Omega-3 fatty acids is rapidly increasing due to the growing prevalence of cardiovascular and other chronic diseases. Moreover, the demand is also driven by the impact of climate change and pollution on fish resources, making sustainable alternatives like those offered by Sibiotech increasingly important.
The funding will not only allow Sibiotech to expand its production capabilities but also diversify its product range. This will increase export opportunities for the company, supporting the development and international competitiveness of Latvia's biotechnology sector.
The importance of Omega-3 fatty acids and antioxidants in improving health, boosting immunity, and supporting metabolism is backed by scientific evidence. These components play a crucial role in maintaining overall health and well-being, making Sibiotech's products a valuable contribution to the global market.
In a statement, CEO Kristaps Ērglis said, "We are excited to move forward with this project, which aligns with global trends in sustainable food and health-promoting product manufacturing. Our technologies offer a sustainable solution to the growing demand for high-quality Omega-3 fatty acids, and we look forward to contributing to the health and well-being of people around the world."
The credit financing project of Sibiotech was supported by the African Development Bank (AfDB) and the Guinean government, with funds disbursed in two phases: the first in 2018 and the second in 2020. This partnership underscores the global significance of Sibiotech's work and its potential to make a positive impact on health and sustainability worldwide.
Read also:
- Exposure to Asbestos in the 9/11 Aftermath: 4 Methods to Validate Your Exposure
- Health enhancement for millions of Apple Watch users now unmissable, as stated by Apple
- Promoting Economical Transportation Options for the Elderly Community
- Intense Attention Deficit Hyperactivity Disorder: Signs, Drugs, and Remedies
