Alginor enters agreement for 3 hectare plot at Husøy

Haugesund and Oslo: Alginor ASA is pleased to announce its entry into a purchase agreement with Karmsund Havn IKS for a 3 hectare plot at the Husøy industrial area near Avaldsnes, for a total consideration of NOK 84 million.

Husøy has a long and rich history with respect to industry and trade both locally and globally, dating all the way back to the Viking age. Today, the peninsula houses numerous companies across different industries and includes one of Norway’s largest and most advanced shipping ports, which is under constant development. The plot in question is located on the area’s Northern half at Stutøya, which lies in immediate proximity to critical infrastructure, facilities, utilities and transportation needed to establish long-lasting industrial facilities with a view to execute Alginor’s long-term strategy.

“2021 has been a year packed with major events for Alginor, first with the investment agreement signed with Hatteland, the EIC Fund and Borregaard during the summer, and now this. The plot at Stutøya has been on our radar since the incorporation of Alginor and has always been our preferred location for the establishment of our fully upscaled industrial facilities, seeing as it, in our opinion, aligns ideally with the company’s business and long-term goals,” says Kjetil Rein, Alginor’s Vice President and COO.

Alginor's VP and COO Kjetil Rein and Karmsund Havn's Port Director Tore Gautesen.

“Although we see this as a long-term investment and have no immediate plans for the plot for the next few years, we considered it imperative to secure the plot now and not risk letting this major opportunity slip, thereby leaving us without a controlled, clear and predictable pathway to our industrial facilities and our long-term goal based on 100,000 tonnes kelp - which we now have.

In the meantime, our focus will be on establishing Europe’s first Flagship Demonstration Plant with a biorefinery for total utilisation of Laminaria hyperborea with a view to upscale and demonstrate our technology, which will take place in an existing and upgraded facility, also at the Husøy area.”

VP and COO Kjetil Rein, CFO Haakon Farstadvoll, Process Developer Silje Kristine Johannessen and Process Engineer Linn M. Bringedal.