Algae Producers set up shop in 2007 with the idea of developing algae products for the biodiesel market.
It soon became apparent that the more immediate opportunity was in other applications like nutriceuticals, aquaculture, pharmaceuticals, and other areas.
Since then, the company hasn't looked back. Late last year the company, whose technical and sales teams are based in Madison and which plans to eventually locate the bulk of its operations in the Cleveland area, entered the marketplace with two primary products: a substance that can be used as a fish food in acquaculture, and an astaxanthin product with the same body-cleansing and antitoxin properties attributed to green tea.
"It's kind of a green tea on steroids," says Stan Robinson, the company's CFO.
Algae Producers has developed 10 exclusive partnerships and agreements for manufacture and distribution of its algae products and continues to research new ways of making algae profitable. Robinson says the company expects to book around $250,000 in revenue by the end of the second quarter. Along the way, it has shared in a $3-million
Ohio Third Frontier grant with Ohio University and a number of other Ohio partners to further commercialize algae.
While the company currently has three full-time employees, Robinson says the company hopes to increase that number to eight by the end of the year and more as new products hit the marketplace. Primarily self-funded to date, the company is now raising a $2-million second round that will allow it to expand capacity, research and development, employment and a facility in the Cleveland area.
Source: Stan Robinson, Algae Producers
Writer: Gene Monteith