Alginor’s “Green Deal” EU project DACOTA has launched
The DACOTA project officially started 2 November 2020. The grant agreement with the European Union has been signed, and Alginor has received the initial 60% grant pre-financing of €1.5 million.
The DACOTA-project is the company’s plan for transitioning from R&D to full industrialisation and commercialisation of Alginor’s product portfolio, and includes design and construction of a harvesting vessel, a reception facility for the production of storage-stable starting materials and a cGMP biorefinery with API production lines for the production of pharmaceutical ingredients.
As of December, one of the project’s major milestones has already been completed.
The DACOTA-proposal competed with 2,000 European companies in the EIC Accelerator “Green Deal” call, and Alginor was one of 64 select companies to receive funding. The project was awarded the maximum amount of €17.5 million in the form of blended finance, including a €2.5 million grant and €15 million in long-term financing in the form of equity/quasi-equity.
The breakthrough in the EICs “Green Deal” means that Alginor’s biorefining concept for total utilisation of the kelp Laminaria hyperborea to a great extent contributes to achieving the EUs climate goals (external link). It also implies that Alginor does not contribute negatively towards any of the other climate goals, which is very important for Alginor as an ESG-company.
This project has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 101011290.