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Business

Algae firm TerraVia declares bankruptcy

by Melody M. Bomgardner
August 20, 2017 | APPEARED IN VOLUME 95, ISSUE 33

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Credit: TerraVia
TerraVia makes a line of algae-derived cooking oil.
Credit: TerraVia
TerraVia makes a line of algae-derived cooking oil.

The algae-based ingredients firm TerraVia has declared bankruptcy because of a heavy debt load and slow product sales. The company launched in 2003 as Solazyme with a plan to commercialize algae-based biofuel. It went public in 2011, but high production costs forced it to change direction. As TerraVia, it now produces algae-derived flour, protein, and cooking oil along with fatty acids used in cosmetics and fish feed. Dutch specialty ingredients firm Corbion has stepped forward with a $20 million bid for TerraVia’s assets.

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