Algae pioneer Simris among top 33 tech ventures in Sweden

Simris Alg, a pioneering agribusiness producing omega-3 from farmed algae, has been declared one of Sweden´s 33 hottest companies in new technology. The renowned list is assembled by Swedish business media, with the purpose of highlighting new tech ventures with the potential to become future multi billion corporations. Simris made in on the list for the first time in 2014 for its groundbreaking production of omega-3 from algae, and will expand its production capacity to full industrial scale this year.

”People may consider omega-3 and food supplements an insignificant niche, but in fact it´s a multi billion dollar industry with severe supply issues”, says Fredrika Gullfot, Simris’ CEO and founder.
”The conventional raw material, fish oil, contributes strongly to the overfishing in the oceans.”

Simris has developed a unique process to produce omega-3 from farmed algae. The company is one of only a few companies worldwide to reach a commercial phase with its algae oil. Recently, the company launched its first consumer products, on sale via selected retailers and its own web shop.

”As algae farmers, we may stand out as a bit odd among the tech companies on the list, but Simris is one of the global leaders within this type of technology. We grow algae using sunlight, just like plants. In this way, we do not compete with food production for raw materials, and the algae convert carbon dioxide to oxygen in the process. Our technology has great environmental advantages to conventional industrial algae farming methods, which rely on sugars or starches as feedstock.”

The purpose of the renowned 33-list is to highlight new Swedish companies, that may achieve global export success, becoming tomorrow´s multi billion corporations. Simris is in a good position to fulfil these expectations. The global demand for omega-3 is hiking, boasting a twelve percent growth annually. In order to follow WHO and EU intake recommendations regarding omega-3, the annual production would have to multiply, from the present annual production of 90 000 tons to 650 000 tons (Source: GOED). Today 96 percent of all omega-3 is produced from fish oil, while algae oil is considered to grow quickly, taking an increasing share of the market. Says Fredrika Gullfot:

”We aim for a five percent share of the global market for omega-3.” 

About the 33-list

Every year 33 Swedish technology start-ups are brought on the 33-list, declaring them the hottest and most successful of the year. The list is assembled by the technology daily Ny Teknik together with business magazine Affärsvärlden. This year’s list was presented during an event in Stockholm on Tuesday evening, under the auspices of Mikael Damberg, Swedish minister of Enterprise and Innovation.