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Europe: Algatech joins €1200M initiative

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Israel’s Algatechnologies joins the FoodConnects consortium as the winner of a pan-European competition on the Food4Future call.

This Knowledge and Innovation Community (KIC) has broad coverage in EU member states and associated countries (Israel), being a partnership of 50 companies, universities and scientific partners covering the entire food value chain.

Algatech was chosen by the KIC leaders to be the sole algae player participating in the €1,200 million (US$1,273 million) initiative.

It will work within EIT Food to develop new food sources from microalgae.

Each of the consortium partners is committed to jointly transforming the way in which food is being produced, distributed and consumed.

Over the next seven years, the partners will invest close to €1,200 million matched with up to €400 million financed by the EIT.

Algatech has initiated discussions with other KIC partners to review and select innovative algae sources with important nutritional properties as potential food sources.

“We totally agree with the open funding pre-competitive investment concept, which will de-risk research via collaboration and leverage both commercial and academic capabilities for a common purpose,” says CEO Hagai Stadler.

“As the future of food is high on the European Commission’s agenda, EIT Food will deliver ‎cutting-edge European skills to rebuild a healthy and sustainable food system in Europe and ‎beyond,” says Peter van Bladeren, VP Nestec, global head regulatory and scientific affairs for Nestlé and chair of the Interim Supervisory ‎Board of EIT Food.

“The ‘knowledge triangle’ of research, education and entrepreneurship will sharpen the ‎global competitiveness of the European economy.”