AlgaEnergy has announced the sale of its agricultural business to De Sangosse.
The new business unit will be wholly owned by De Sangosse and be named AE Agribiologicals (AEA) and will focus on AlgaEnergy’s microalgae technology for the agricultural sector.
The 25 May statement said that other business verticals of AlgaEnergy including cosmetics, bioenergy, aquaculture and nutraceuticals would be discontinued to focus on solutions for agricultural markets, specifically biostimulants, biofertilizers and biocontrol.
“The deal is now in the last steps towards its completion and pending approval by the competent bodies. In this context, AlgaEnergy S.A. will be substituted by AEA, and all its subsidiaries around the world will continue with business as usual, as they were already commercial entities dedicated exclusively to agriculture,” the statement reads. “Once the process is completed, all assets and value related to the agricultural business will be transferred to the new company, AEA, including the AlgaEnergy brand, which will continue to be used in the market.”
AlgaEnergy’s main assets will be incorporated into AEA, which includes nearly 100 employees from the various companies that make up the AlgaEnergy group, as well as its production and processing plants.