We’re thrilled to announce our latest investment, Algenie - an Australian startup founded by inventor & serial entrepreneur Nick Hazell.
Algenie is revolutionising algae production and drastically reducing costs, finally unlocking it's potential as a sustainable alternative to a vast range of products in food & nutrition, fossil fuels, plastics and more.
We wouldn’t be here without it…
Did you know - billions of years ago, the earth’s atmosphere was rich in carbon dioxide and lacked oxygen, making it inhospitable for most life forms.
Algae, or more specifically cyanobacteria emerged as the pioneer of photosynthesis, utilising sunlight, water, and carbon dioxide to produce energy and release oxygen as a byproduct.
Over vast periods, this process transformed our planet’s atmosphere - increasing oxygen levels, dramatically reducing CO2 and paving the way for the evolution of complex life forms including us.
Without it, you and I wouldn’t be around to read this very sentence!
And now, at a time we need to again reduce CO2 in the atmosphere, Algenie recognises the immense potential of algae to once again transform our world, helping reverse the effects of climate change.
Déjà-vu?
Hang on Simon - what about the headlines about algae based biofuels back in the late 2000s?
Weren’t there hundreds of millions of dollars put into startups that promised to bring down fuel prices globally?
Yes there were, and indeed that first wave of hype subsided as reality hit and companies couldn’t bring costs down to deliver on the promise to compete with fossil fuels. High costs and low yields.
However, Algenie has invented a whole new approach that tackles these head-on:
- Advanced Photobioreactors: Algenie has developed a patented helix-shaped photobioreactor that dramatically reduces capital costs and increases production efficiency. This breakthrough technology ensures that each algae cell receives optimal light and nutrients, maximising growth and yield. In short, it’s far easier for algae to receive the light particles it needs to power photosynthesis, translating to radically faster growth.
At commercial scale, Algenie's photobioreactors will be able to produce 100 tonnes of algae per year in a space the size of a shipping container, enough for example to produce 2.5 million carbon-positive plastic bottles sustainably. To put that in perspective, on a per hectare basis, thousands of times more efficiency than conventional soy or corn crops. - Strain Optimisation: Algenie also employs cutting-edge techniques to identify and enhance strains with superior productivity. By combining directed evolution with AI-driven optimisation, Algenie can rapidly develop strains tailored for specific applications.
A Platform for Change
Algenie's vision extends beyond simple production.
Nick’s goal is to ultimately create a platform that empowers a range of other companies to develop sustainable products from algae.
By providing a cost-effective and reliable source of algae, Algenie can enable an ecosystem creating bioplastics, textiles, proteins, lipids as well as other fuels and materials that are currently derived from the petrochemical industry.
A new beginning
"We're thrilled to be first investors in Algenie, a company with the potential to reinvent algae production, in the process sequestering carbon at gigaton scales. We got to know Nick through the APAC food tech ecosystem and believe his visionary leadership and deep technical expertise is perfect for this grand challenge - one that can unlock a range of climate-friendly applications from food to fuels and plastics." - Simon Newstead, Founding Partner at Better Bite Ventures
On a personal note, it’s been gratifying to know Nick for years and support his new venture.
Nick did pioneering work in sustainable proteins as founding CEO at v2food which is where Michal and I first got to know him.
Being able to reconnect right at the early days of his new project and supporting as it went from idea to validation has reinforced our goal of long term partnerships with founders - those with the inspiration and drive to make change happen.
We appreciate Nick’s trust to have us on board alongside research partner University of Technology Sydney.
Bring on this new wave of algae production and gigatons of positive climate impact in years to come!
Learn more
To learn more about Algenie visit their website https://algenie.com.au and check out Simon’s interview with Nick on the Food Meets Climate podcast here