Firglas
About the company
Firglas has built a microalgae facility in Spain to cultivate microalgae in sunlight. with cost and operational advantages. The objective is to demonstrate viability at scale in terms of yield, efficiency and sustainability. The facility binds CO₂ using sunlight in Mediterranean seawater to produce highly nutritious sustainable algae-based products for aquaculture, nutraceuticals and ingredients.
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Contact:
Name: Fredrik Adams
Role: CEO, director and founder
Email: fredrik.adams@firglas.com
Phone: +44 77 8593 8503
Capital need and valuation:
- Capital Need: €1,000,000
- Pre-Money Valuation: €7,000,000
Use of Funds
Go to market operating cost and working capital funding to launch commercial operation including some final capital investment at commissioning. Facility was started in March.
Financial forecast
Estimated Turnover 2026: €1,000,000
Revenue Model: Product sales of raw material and extracted active compounds as the next value chain step
Previous investments
Founders have invested €500,000 since 2016.
External investors: €4 million from Earthworm EIS, Wealth Club and SFC retail investors in UK; first institutional round under way.
Vision & Impact
There are several premium addressable markets where high quality microalgae material is a desirable source of material. By demonstrating unit cost and quality at scale, our material can disrupt existing supply chains, such as wild caught fish oil and fish meal, with a better natural substitute. The addressable primary product is a multibillion US$ opportunity.
Risk Management
The biggest challenge when cultivating and harvesting microalgae is contamination, i.e. the propensity of other organisms to thrive together with the desired monoculture. Managing the quality takes knowledge and contamination in the resulting output has an impact on price, with medical and hatchery customers demanding high quality.