In Georgia, following successful algae growth trials, Algae.Tec has commenced the expansion of its development and manufacturing facilities in Cumming, Georgia and the building of an initial small scale plant for the production of algae for the nutraceutical market.
On completion, scheduled to be within 6 months, it is expected that this initial plant will produce algae at the rate of 50,000 kilos of algae per year and generate revenues of $1 million per year. It is planned that this initial production will be increased in stages to achieve a total production capacity up to 2,000,000 kilos per year.
The Company’s algae development and manufacturing centre in Cumming, GA. is an ideal location for implementing this initial plant, taking advantage of the significant resources already in place and the readily accessible market. Incremental expansions of algae production capacity in Cumming will be funded by generated cash flow and equity, and will be followed by plants in different geographic locations including Australia.