[UK] Commercial-scale algae cultivation company, Firglas has recently received a £1.5 million investment, providing 50% of the company’s goal to raise £3 million of equity under EIS, to build two facilities and start commercial-scale algae production.
Firglas has already accomplished several years of trialling and operating microalgae facilities, developing a highly efficient production system to make food-grade products using proven technology. Firglas targets existing markets, including food supplements and fish feed – it also pursues the alternative protein trend with highly nutritious products. The increased demand for alternative protein is led by consumer trends including the flexitarian diet and reduced meat consumption.
The substantial investment comes from Earthworm, an environmental fund manager that expertly sources, develops and nurtures early-stage businesses, exclusively investing in projects that it trusts will have a positive social or environmental impact on the world.
Fredrik Adams, Firglas CEO and Founder commented:
“At Firglas, we are delighted with Earthworm’s commitment to make an investment in the company; its values and hands on experience are very much aligned with everything we are striving to achieve at Firglas so this is an exciting move forward for the company. The Firglas team has raised and deployed more than $200 million into sustainable assets since 2010 and this investment is an endorsement of our exceptional track record of delivering successful process engineering plants.”
Ben Prior, CEO at Earthworm, commented:
“We are really excited to be working with Fredrik and the team. Firglas is in an industry that we expect to experience huge growth over the next 10 years. The challenge of feeding our population sufficient protein while minimising our impact on the environment is a huge one, but is one I believe Fredrik and his team are perfectly placed to tackle.”
Since 2011, Earthworm has been investing in projects that make a positive impact on the environment. It now manages over £80 million of investor capital and oversees investments in a range of ethically responsible, environmental and often green sectors – from waste management and recycling, to renewable energy and power generation.
Earthworm is an environmental fund manager with industry professionals from food, recycling, waste management, power and renewable energy. It expertly sources, develops and nurtures early-stage businesses with huge commercial potential but only backs projects that will have a positive social or environmental impact on the world.
10% of Earthworm profits go to charitable causes, 10% is shared amongst Earthworm employees and 10% is invested in the environmental technologies of tomorrow.
Firglas has developed and built algae, anaerobic digestion and hydroelectric plants since 2013. The company seeks to achieve solid financial returns alongside positive environmental and social impact.
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