Seafood giant Thai Union's ingredients division has signed a multi-year manufacturing deal with Canadian algae-based omega-3 manufacturer Algarithm Ingredients, the companies announced on Wednesday.
Algarithm produces plant-based, omega-3 ingredients derived from micro-algae.
The deal follows Thai Union's $7.4 million (€6.8 million) investment in Algarithm parent company, Mara Renewables, as part of Mara’s $28.9 million (€27.7 million) growth funding round last May.
The aquaculture industry has been aggressively seeking options for fishmeal replacement, and algae has emerged as one of the leading alternatives.
In addition to its alternative feed work, Thai Union has also actively pursued investments in alternative seafood, including both cellular and plant-based ventures.