Updated: Dec 20, 2022
Australian production of the seaweed extract fucoidan is set to triple with a $5 million expansion by Tasmanian producer Marinova.
Fucoidan is found naturally in brown seaweeds and is prized for a host of beneficial health properties, particularly in the areas of immune support, gut and digestive health, and healthy ageing.
Marinova is a specialist producer of fucoidan, the only commercial producer in Australia, and the only producer globally to achieve regulatory acceptance of its high purity, certified organic fucoidan.
Company CEO and managing director Paul Garrott says global demand for the company's Maritech® organic fucoidan has increased markedly in recent years. Marinova exports its novel seaweed extracts to more than 35 countries and supplies some of the most respected nutritional, pharmaceutical and skincare companies around the world. “Maritech® fucoidan ingredients are increasingly being utilised in medical devices, nutritional supplements, animal health and dermatological products," Garrott explains.
“Their success is driven by Marinova’s ongoing investment in innovative R&D, the company’s unique green chemistry extraction process, and a genuine commitment to sustainability. "
[ Read more: Bioactive future for Australia's seaweed sector ]
A grant of $1.95 million from the Australian Government’s Modern Manufacturing Initiative will help fund the $5 million expansion of Marinova's facility in Hobart. The Tasmanian Government will also contribute $498,200 through its Building Projects Support Program and $100,000 through its Advanced Manufacturing Accelerating Growth Program.
“This expansion will allow Marinova to triple its fucoidan production capacity,” says Garrott. “It will involve significant investment in advanced manufacturing technologies and will create highly skilled new jobs at our facility in Tasmania.
"This extensive capital investment will enable Marinova to readily meet the rising demand for its high purity extracts, particularly from the global medical and consumer healthcare sectors.”
The expansion comes alongside Marinova's commitment of approximately $5 million for scientific research into the bioactivity of its fucoidan extracts through the Marine Bioproducts Cooperative Research Centre.
The company has also been named as a finalist in the 2022 Australian Organic Industry Awards, short listed for the Innovation Award category. Winners will be announced at the national awards ceremony on Friday 25 November.
More information: Marinova