Algatechnologies, an Israel-based manufacturer of natural astaxanthin, is set to expand production capacity of AstaPure brand at its facility in the Arava Desert, with an investment of $20m.
The investment is part of the transformation by UK investment group Grovepoint, which acquired control of Algatech in 2013.
Algatech CEO Hagai Stadler said, "The expansion will be executed in phases, with a substantial part to be completed in 2014.
"Part of the new plant is dedicated specifically for production of new microalgae products, based on our expertise and capabilities in the microalgae cultivation process. Innovative technologies will be merged into the current process to increase the facility yield and to reduce costs"
The AstaPure brand is sold as an active ingredient in dietary supplements, cosmetics and functional foods and beverages in North America, Europe and Asian markets.
The project will allow the company to maintain its leadership position in existing markets as well as leverage it to expand into new markets.
