Periodic Reporting for period 1 - ALGBIO (ALGBIO - CO2 capture from flue gas and phycoremediation of wastewater via microalgae for carbon negative biofuels/bioplastic production with the circular economy model)
Reporting period: 2023-07-01 to 2024-03-31
Algbio is a deeptech company that treats wastewater and captures CO2 with microalgae to produce biofuel and bioplastic. Algbio enables the transition from the fossil based economy to the sustainable manufacturing with circular model. Both algal biofuel and bioplastics align with growing industry preferences for eco-friendly alternatives and contribute to resource efficiency and waste reduction, making them promising solutions in the shift towards a more ecologically viable future.
Within Algbio Women TechEU project we aimed to:
- To undertake testing and demonstrations and identify the technical maturation activities
- To define the features and robustness of produced bioproducts
- To identify potential customers and their needs
- To address the environmental, regulatory and socio-economic issues
- To conduct a market analysis along with refining the go-to-market approach
- To undertake a NPA to ensure the freedom to operate
Within Algbio Women TechEU project we aimed to:
- To undertake testing and demonstrations and identify the technical maturation activities
- To define the features and robustness of produced bioproducts
- To identify potential customers and their needs
- To address the environmental, regulatory and socio-economic issues
- To conduct a market analysis along with refining the go-to-market approach
- To undertake a NPA to ensure the freedom to operate
-We have implemented the ALGBIO in an operational environment and conducted a comprehensive evaluation of the test results
-Novel production methodologies and formulations were meticulously developed, employing rigorous scientific approaches to enhance efficiency and efficacy
-We've implemented significant biotechnological advancements across the algae-based biofuel and bioplastic production
-We have analyzed the outcomes of the assessments, encompassing technical findings and prospective enhancements, to validate and refine our system
-We have accomplished the progression of our TRL from 5-6 to 7
All these efforts led to advancements in CO2 capture, renewable energy and sustainable material production indicating both scientific progress and potential commercial applications.
-Novel production methodologies and formulations were meticulously developed, employing rigorous scientific approaches to enhance efficiency and efficacy
-We've implemented significant biotechnological advancements across the algae-based biofuel and bioplastic production
-We have analyzed the outcomes of the assessments, encompassing technical findings and prospective enhancements, to validate and refine our system
-We have accomplished the progression of our TRL from 5-6 to 7
All these efforts led to advancements in CO2 capture, renewable energy and sustainable material production indicating both scientific progress and potential commercial applications.
We have performed the following activities:
- We have mapped our target market, customers and competitors
- We have identified needs and the European manufacturing industry
- We have identified key target early adopters in Türkiye and EU
- We have established marketing & commercialization strategies to increase Algbio visibility and started collaborative relationships with key strategic partners
- We have performed several NPA to establish our freedom to operate
- We have attended different events for promotion and marketing including Women Leadership programme by EIC, EIC Summit 2024 among other events.
- We had meetings with business coach for market research, pricing strategy, fundraising, business financials
- We have mapped our target market, customers and competitors
- We have identified needs and the European manufacturing industry
- We have identified key target early adopters in Türkiye and EU
- We have established marketing & commercialization strategies to increase Algbio visibility and started collaborative relationships with key strategic partners
- We have performed several NPA to establish our freedom to operate
- We have attended different events for promotion and marketing including Women Leadership programme by EIC, EIC Summit 2024 among other events.
- We had meetings with business coach for market research, pricing strategy, fundraising, business financials