A company that makes algae wants the city of Indianapolis to grant it a six-year property-tax abatement to expand its Northeastside labs and production site.
Algaeon Inc. said it plans to spend $4.88 million on equipment to produce algae for use in dietary supplements and animal feed.
The requested abatement would cut the company’s property tax bill by $179,000 over six years. The Metropolitan Development Commission will vote on the request Wednesday.
Founded in 2008, Algaeon started out producing algae for biofuels. In 2011, it switched to producing algae to extract the nutrients for use in dietary supplements and animal feed. Nutrients include astaxanthin, an antioxidant, and beta glucan, an immune health promoter.
The company’s application for abatement said it’s figured out a way to do large-scale production of algae efficiently while controlling contamination.
New equipment being installed at its facility at 7601 E. 88th Place includes fermenters, boilers, reverse osmosis systems, centrifuges and dryers.
The company has 12 employees and plans to add another 25 by 2018.
View original article at: Algae grower wants city tax break