Volume 95 Issue 33 | p. 18 | Concentrates
Issue Date: August 21, 2017 | Web Date: August 20, 2017

Algae firm TerraVia declares bankruptcy

Department: Business
Keywords: Food ingredients, algae, bankruptcy
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TerraVia makes a line of algae-derived cooking oil.
Credit: TerraVia
A photo of a tall, narrow bottle of TerraVia’s Thrive brand cooking oil.
 
TerraVia makes a line of algae-derived cooking oil.
Credit: TerraVia

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.

 
Chemical & Engineering News
ISSN 0009-2347
Copyright © American Chemical Society

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