Noosa start-up lands huge grant for world-first technology
Federal Member for Wide Bay Llew O’Brien has announced a significant boost for a Noosa biotech start-up, with funding for the world-first technology to extract highly valuable compounds from algae.
Australia’s first commercial algae processing facility Provectus Algae will receive $100,000 from the Manufacturing Modernisation Fund towards a $350,000 project, using algal photobioreactor capabilities to produce novel biologics and pharmaceuticals.
The Noosa-based biotech start-up produces compounds made from algae that are used in a wide array of industries and applications, including biologic treatments for infectious, inflammatory and cardiovascular diseases.
Mr O’Brien said the support came at a critical time for the local manufacturing sector and would enable Provectus Algae to continue its innovative work despite the challenges posed by the COVID-19 pandemic.
“It’s more important than ever for Australian companies to look to unique opportunities like the biotechnology and to explore new business models, and I am pleased to see Provectus Algae is showing the world what can be achieved on Australian shores,” he said.
In addition to the Manufacturing Modernisation Fund grant, Provectus Algae also received a $250,000 Advanced Manufacturing Growth Centre grant this year, funded by the Federal Government.
The start-up was also granted $40,000 through the Accelerating Commercialisation Fund in 2018 to further develop a revolutionary algae lighting system for the global aquaculture market.
The MMF builds on other Federal Government investments in manufacturing growth and competitiveness, including the $100 million Advanced Manufacturing Fund, the Advanced Manufacturing Growth Centre, the Entrepreneurs’ Programme, and the $40 million Innovative Manufacturing Cooperative Research Centre.
For more information on the Manufacturing Modernisation Fund go to the website.