Company Overview: Oceanium Ltd Oceanium develops and makes seaweed-based products to benefit people health and planet health. Oceanium’s innovative and highly technical biorefinery process extracts maximum value from the seaweed producing in-demand, plant-based food and nutrition products and sustainable, innovative materials with excellent provenance.
Challenge: Increasing drought conditions, soil erosion and extreme weathers events exposes millions to food and job insecurity. Oceanium’s business model establishes an environmentally sound supply chain and generates nutritious food and material products without cleared land, fresh water thus ensuring long term food security, and viable alternatives to plastics.
Solution: We use green chemistry to develop a sustainable and scalable bio-refinery manufacturing process utilising the whole seaweed to produce products into large end-markets that compete at current price levels with land-based PLA in the case of packaging, and land-based plants for plant protein, fibre and nutraceuticals. Seaweed is one of the fastest growing plants on earth, absorbing large amounts of carbon, nitrogen and phosphorous.
Business Model: We generate profits by converting raw material (seaweed) into high value products for sale to food ingredient distributors and packaging converters.
We are purchasing sustainably farmed kelp from EU/UK/NA seaweed farmers and producing biorefinery co-products for sale to blue chip companies as well as innovative multinational food ingredient suppliers and materials companies. We plan to replicate and scale our biorefineries in locations across the EU and North America, in close proximity to sustainable seaweed farms, both as stand-alone facilities and in partnership with existing facilities where appropriate. As we scale up, we will continue to develop new innovative products from new species of regional seaweeds. The biorefinery approach allows us to pivot to meet regional demand for end products.
In the past two years, we have progressed from bench to biorefinery pilot scale up (TRL 6); developed three potential material innovations; achieved TRL 6 on food and nutraceutical products; attracted passionate and creative talent; and established supply chain relationships in UK, EU, and North America.
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To date, Oceanium has raised over $8.5m via grants from the European Union and InnovateUK and via highly knowledgeable and supportive impact investors including WWF, Builder’s Vision and Green Angel Syndicate. Non-dilutive funding via grants represents 50% of our funding.
Oceanium has been the winner of the World Economic Forum's UpLink: Ocean Solutions Sprint - People's Choice, The Economist's World Ocean Summit's "Women and the ocean: Changemakers Challenge" and was a Scottish finalist for the Chivas Venture.
Other Oceanium strengths include:
- First mover with unique IP and proprietary technology operating in the nascent seaweed industry - patents underway
- Huge positive environmental and social impact
- High quality, high purity food ingredients products with strong functionality
- >$180 billion market opportunity
- Highly experienced team with entrepreneurial backgrounds