Company Description
Seaweed has fantastic potential in the fight against climate change. It can absorb carbon faster than the rainforests, and grows in the ocean without the need for freshwater or additional nutrients. It can be used as a sustainable food, biostimulant, animal feed, packaging / plastic replacement, carbon dioxide removal and more.
There's just one catch: it's too expensive!
With current techniques, seaweed cultivation is labour and infrastructure intensive.
Our mission is to develop automated robots to bring down the cost of cultivating seaweed, to unlock its potential as a low carbon base biomass.
In the meantime, we've found a hack. Since 2011, a floating seaweed, Sargassum, has exploded in growth in the Central Atlantic.
Huge mats of Sargassum wash ashore throughout the region each year, where they cause economic and ecological havoc.
We are kickstarting CO2 removals using Sargassum with our first robot, the AlgaRay.
Monetisation strategy
Our main source of revenue will be from carbon dioxide removal credits, thanks to sinking Sargassum into the deep ocean, which moves the carbon that it contains into the slow carbon cycle and allows the ocean to absorb additional carbon from the atmosphere.
The IPCC projects that 10 billion tonnes of carbon dioxide removal will be needed every year to remain below 2 degrees of warming. It is important to note that removals are the removal of additional CO2 from the atmosphere, rather than offsets, which are usually an avoided emission.
The target price for 1 tonne of long term carbon dioxide removal is $100 a tonne, with most solutions being more expensive than that. We aim to reach this price point with Sargassum in a few years, with our pilots in 2023 and 2024 costing $400 a tonne.
As we continue developing cultivation, we also plan to explore selling our seaweed to other sources such as food and use in biorefineries to make bioplastics, biofertilisers and more.
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