Grovepoint buys control of Algatech - Israel Business, Ynetnews
 
ynetnews
web


   Israel News

Israel News
World News
Israel Opinion
Jewish
Israel Business
Israel Culture
Israel Travel
Acquisition

Financial terms of deal not disclosed (illustration) Photo: Shutterstock
Financial terms of deal not disclosed (illustration) Photo: Shutterstock
 
 

Grovepoint buys control of Algatech

British private investment firm acquires majority stake in Israeli biotechnology company specializing in commercial cultivation of microalgae

Reuters
Published: 02.14.13, 07:31 / Israel Business

British private investment firm Grovepoint acquired a majority stake in Israel's Algatechnologies Ltd, a biotechnology company specializing in the commercial cultivation of microalgae.

 

Financial terms of the deal were not disclosed.

 

Biotechnology
World Bank excited about Israeli cleantech firms' / Ynetnews
Ruzgar Barisik says IFC enthusiastic about investing in local industry; adds 'Israeli technologies are very promising'
Full story

Algatech has developed technology that allows the large scale cultivation of microalgae. Its production facility is located in Israel's Arava desert, where the hot climate allows microalgae to flourish in over 300km of glass tubing.

 

From the microalgae is harvested the company's key commercial product, astaxanthin, a powerful natural antioxidant for human consumption.

 

Clinical trials have shown that astaxanthin can play an important role in supporting a healthy immune system and promoting joint health, skin health and muscle functions.

 

Grovepoint said on Sunday it believed there was significant potential to grow the range of products where astaxanthin was the key ingredient and to exploit the potential of microalgae derived products for other commercial applications.

 

As well as acquiring a majority stake in the business, Grovepoint said it would make additional capital available for growing the business, marketing Algatech's Astapure brand around the world and investing in research and development, so that new algae derived products can be brought to market.

 

"We believe astaxanthin and other microalgae based products have a great future," said Leon Blitz, a partner in Grovepoint. "It is our intention to build the company by increasing its R&D capacity and expanding its distribution."

 

 

commentcomment   PrintPrint  Send to friendSend to friend   
Tag with Del.icio.us Bookmark to del.icio.us




 

RSS RSS | About | Contact Us | Privacy Policy | Terms of use | Advertise with us | Site Map

Site developed by  YIT Advanced Technology Solutions