Federal Member for Wide Bay Llew O’Brien announced a significant boost for a Noosa biotech start-up, with funding for world-first technology to extract highly valuable compounds from algae.
Australia’s first commercial algae processing facility Provectus Algae will receive $100,000 from the Manufacturing Modernisation Fund (MMF) towards a $350,000 project using algal photobioreactor capabilities to produce novel biologics and pharmaceuticals.
The Noosa-based biotech start-up produces compounds made from algae that are used in a wide array of industries and applications, including biologic treatments for infectious, inflammatory and cardiovascular diseases.
Mr O’Brien said the support came at a critical time for the local manufacturing sector and would enable Provectus Algae to continue its innovative work despite the challenges posed by the COVID-19 pandemic.
“It’s more important than ever for Australian companies to look to unique opportunities like the biotechnology and to explore new business models, and I am pleased to see Provectus Algae is showing the world what can be achieved on Australian shores,” Mr O’Brien said.
In addition to the Manufacturing Modernisation Fund grant, Provectus Algae has also received a $250,000 Advanced Manufacturing Growth Centre grant this year, funded by the Australian Government as well as $40,000 through the Accelerating Commercialisation Fund in 2018 to further develop a revolutionary algae lighting system for the global aquaculture market.
