Ocean Rainforest increases equity capital

Ocean Rainforest Ltd., which in recent years has developed an installation for the cultivation of macroalgae on the open ocean, is now ready for up-scaling the production and sales of seaweed. In this connection, Ocean Rainforest has increased its equity capital by DKK 3.5 million.

New and existing shareholders are funding the increase in equity. This has also led to a change in the management of the company. The new executive chairman of the board of Directors is Magni Arge. The other members of the board are Ólavur Ellefsen, who was one of the co-founders of the company and Steinbjørn í Dali, who also serves as Production Director. Ólavur Gregersen continues as Managing Director of Ocean Rainforest.

Since 2010, Ocean Rainforest has been continuing the development of the macroalgae cultivation rig (MACR) and in 2014 the company started its sales of seaweed in Germany and Britain. The market entry has generated significant interest for the cultivated seaweed products, and last month the cultivation rig was substantially extended with another 4000 m of seeded lines, so that the total amount of lines deployed is 5,200 m today. This means that the company aims to harvest about 100 tonnes of seaweed in 2015. The plan is to increase the production in the coming years, but this is dependent on further research and innovation both with regards to the cultivation itself, as well as the production of seaweed derived products.

The MACR is located in Funningsfjørður in the Faroe Islands. The company’s production facility is located in the village of Kaldbak.