Australian fucoidan maker Marinova has kicked off a A$5m ($US3.33m) expansion of its manufacturing facility in Tasmania.
Fucoidan is a bioactive compound found naturally in brown seaweeds and highly prized for its range of beneficial health properties, particularly in the areas of immune support, gut and digestive health, and healthy ageing.
This expansion will allow Marinova to triple its fucoidan production capacity and involve significant investment in advanced manufacturing technologies, as well as create highly skilled new jobs.
“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,” said chief executive Paul Garrott.
The expansion of Marinova’s fucoidan extraction facility is being supported by the Australian Government’s Modern Manufacturing Initiative.
The initiative provides businesses with funding to support projects that translate high quality research into commercial outcomes and supports businesses to adopt new technologies and improve their manufacturing processes.
The project also received support through the Tasmanian Government’s Building Projects Support Program and Advanced Manufacturing Accelerating Growth Program.