Marinova has commenced with a $5 million expansion to its advanced manufacturing facility in Tasmania, Australia.
The company is a specialist producer of fucoidan – a bioactive compound found naturally in brown seaweeds.
“Marinova is the world’s only producer of high purity, certified organic fucoidan with global regulatory acceptance,” said CEO & Managing Director, Paul Garrott. “Global demand for Maritech organic fucoidan has increased markedly in recent years. The company now exports its novel seaweed extracts to over 35 countries across the globe and is the supplier of choice to the world’s most respected nutritional, pharmaceutical and skincare companies.”
It will involve significant investment in advanced manufacturing technologies and will create highly skilled new jobs at our facility in Tasmania
“Maritech fucoidan ingredients are increasingly being utilised in medical devices, nutritional supplements, animal health and dermatological products,” continued Garrott. “Their success is driven by Marinova’s ongoing investment in innovative R&D, the company’s unique green chemistry extraction process, and a genuine commitment to sustainability. Maritech is a brand that has become synonymous with quality.”
The expansion of Marinova’s fucoidan extraction facility is being supported by the Australian Government’s Modern Manufacturing Initiative. The initiative provides businesses with funding to support projects that translate high quality research into commercial outcomes and supports businesses to adopt new technologies and improve their manufacturing processes. The project also received support through the Tasmanian Government’s Building Projects Support Program and Advanced Manufacturing Accelerating Growth Program.
“This expansion will allow Marinova to triple its fucoidan production capacity,” said Mr Garrott. “It will involve significant investment in advanced manufacturing technologies and will create highly skilled new jobs at our facility in Tasmania. This extensive capital investment will enable Marinova to readily meet the rising demand for its high purity extracts, particularly from the global medical and consumer healthcare sectors.”