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Indy's Algae Supplier Grows Significantly

Posted by chamberadmin on March 24, 2014

With its mission to create a thriving business environment for growth opportunities, the Indy Chamber is committed to making connections with other businesses on behalf of its members. 

One local biotech company – and Indy Chamber member, is making a significant contribution to the Indianapolis area economy with its breakthrough technology that supplies valuable health oriented products that improve human and animal health. Algaeon is growing a variety of algae species to produce high-value products for leading companies in the Nutraceutical and Animal/Fish Feed markets. With its patent-pending industrial scale algae cultivation technology, Algaeon is a successful start-up company to watch. 

First formed in 2008 as Stellarwind Bioenergy, the company changed its name to Algaeon two years later to better reflect its patented algae cultivation technology. Algaeon is an early stage company entering its early growth phase. Over the past two years, the company has raised $2.1 million and is currently working to close funding to build commercial scale capacity. Algaeon is building its own cultivation capacity, as well as potentially licensing the technology for algae farms.

With its mission to create a thriving business environment for growth opportunities, the Indy Chamber is committed to making connections with other businesses on behalf of its members. That is one of the many benefits Algaeon has taken advantage of through its membership. According to Mike Neibler, VP Business Development, the Indy Chamber has been instrumental in identifying a network with other parties for production, funding connections, and overall support of the company’s business plan.

As markets for Algaeon’s high-value algae derivative products continue to grow at significant rates, the company remains focused on partnering with companies with existing sales and distribution networks and maximizing its profitability by concentrating on high-value products. Algaeon also will continue to evaluate other high growth, high value markets for algae products in the future.

In addition to its significant contribution to the economy, Algaeon provides high-paying jobs to the Indianapolis area and is committed to providing employment opportunities for veterans through a partnership with Save Our Veterans, a nonprofit organization located in Indianapolis, dedicated to providing Veterans with skills training, educational opportunities, and paths to employment.

Algaeon is one of 3,000 Indy Chamber companies representing 235,000 employees in the Indianapolis region.