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Agreement for the purchase of the Ydra Facility at Husøy

Alginor has come to an agreement with Hatteland for the purchase of the industrial facility at Husøyvegen 281 (the Ydra facility), located at the Husøy peninsula on Karmøy.

The agreement is at a total price of NOK 30 million, with title to the building to be transferred upon payment. The board is considering the alternatives for the financing of the facility, among others a public share placement in combination with bank loan financing. Further information on this matter will be presented in due course.

Originally built for fish handling and processing, the 2300 square metre facility includes many useful amenities for Alginor, including sloped floors, ample access to power and water, and immediate access to a 50-meter-long quay unique to the area.

For a number of years, the facility has served as the manufacturing plant of pump developer Ydra (ex. Vest Jet). During 2022, they will move to a new location. Until then, as agreed upon, Ydra AS will remain as tenant. Leading up to 2022, Alginor’s EPC department will continue planning the biorefinery which will be installed there.

New renderings of the building's façade.

The facility is perfectly suited for Alginor’s needs and will be strategically important, allowing for establishing our own pilot biorefinery with the capacity of in-house piloting and small-scale production of all ingredient products, in addition to a reception facility for handling starting materials. Situated in a large plot of land, the facility can also be expanded for establishment of commercial scale production lines for alginates at food-grade quality, allowing for a faster and more controlled alginate market introduction.

The new facility (shown as Biorefinery & Reception Facility) lies in close proximity to the site of our future Flagship Demonstrator.

Closer view of the facility and utilisation of the nearby quay.