With its recently granted seed funding of €1.5 million, Pure Ocean Algae is set to invest double that in the next two years growing its business platform as well as creating new jobs to support the blue economy in West Cork.
The macro-algae-based biotechnology company based on the Beara peninsula is the first commercial end-to-end production platform to produce the red seaweed Palmaria palmata, commonly known as Dulse. Dulse is a highly prized red seaweed used in the pharmaceutical, cosmetics and food/vegetable protein sectors. Macro-algae species are particularly high in protein and are environmentally sustainable, commanding retail prices of more than €120 per dried kilogram.
They grow very well under Irish conditions, but existing natural sources are under pressure from over-exploitation and destruction of natural habitat. Led by CEO, Michael O’Neill (pictured), the company operates its own land-based hatchery, nursery and processing facility while also developing 80 hectares of licensed sea sites for the growing of various seaweed species.
The investment will be used to expand the existing land-based facilities to cater for 250 hectares of sea site production and ancillary services. Working with existing seaweed farmers the company hopes to expand to a production area of 500 hectares over the next three years.
This round of funding was led by The Yield Lab, Europe’s largest early-stage Ag-Tech investor which is itself supported by Enterprise Ireland and AIB. Also joining this funding are the West Cork-based Carbery Group, US based Sea-ahead Blue Angel Group and Enterprise Ireland.