Bangkok-based seafood giant Thai Union (TU) has made a CAD 10 million investment in Mara Renewables Corporation as part of the Nova Scotia, Canada-based company’s CAD 39.5 million growth funding round, joining other financial partners to accelerate the expansion of its micro-algal product portfolio.
TU will appoint one representative to join Mara’s Board of Directors.
Mara is a leading producer of sustainably grown algae-based bio-products. Since its inception in 2012, it has developed a number of micro-algal strains, some of which are processed using a clean, environmentally friendly extraction method into high quality algal oil.
This plant-based oil offers a non-GMO vegan option for DHA-rich omega-3 fatty acids for human nutrition.
In 2018, TU started its own Ingredients business to transform co-products from fish processing into natural ingredients for human nutrition. For example, it creates high quality tuna oil by processing raw tuna heads through a low temperature extraction method that preserves the oil’s natural functionality.
Together with Mara, TU is actively working to create more choices in the market for omega-3 fatty acids and expanding the reach of this nutritional element, from both algal and tuna-based sources.
It said the investment creates opportunities for both companies to accelerate growth through cooperation in go-to-market, research and development and operations. Mara is exploring, for example, refining its crude algal oil at TU’s oil refinery in Rostock, northern Germany. TU has also already been cooperating with Mara in TU’s Omega-3 Centre of Excellence at its headquarters in Samut Sakhon by performing trials using Mara’s crude algal oil.
“As an industry leader in innovation and sustainability, we are committed to our Ingredients business which valorises our co-products into natural and nutritional ingredients such as DHA-rich tuna oil,” TU President and CEO, Thiraphong Chansiri, said.
“Our strategic partnership with Mara further builds on this business by creating opportunities to jointly expand our product portfolios, grow our global presence, and accelerate go-to-market initiatives. We’re excited to partner with Mara and together provide nutritious and sustainably sourced DHA omega-3 fatty acids to consumers worldwide.”
Arturo Ania, CEO of Mara said, “Mara is very excited to solidify a partnership with Thai Union. Our two companies share maritime roots, a passion for science-based nutrition and a vision for a more sustainable food system. Thai Union’s established world leading position in human and pet care segments, collaborative culture, and strong leadership fits well with Mara’s ambitions of making a positive impact through our people, products and purpose.”
