$1M GRANT TO ACCELERATE QLD ALGAE FARM

$1M GRANT TO ACCELERATE QLD ALGAE FARM

SOUTH East Queensland is set to be home to a commercial-sized algae farm thanks to a $1 million grant.

Brisbane omega-3 algae farming company, Qponics, has been awarded the million-dollar boost through the federal government's Cooperative Research Centre Project program.

Qponics CEO doctor Graeme Barnett says algae farming investment for omega-3 fatty acids has just begun in earnest in South East Queensland.

"Our goal is to produce omega-3 oils for human health, so that we do not impact on global stocks of marine animals such as fish and krill," says Barnett.

The grant project, titled Translational R&D to accelerate sustainable omega-3 production, will allow Qpoincs to resourcefully construct a commercial-sized algae farm commencing this year.

The project will include co-participants The University of Queensland and Nutrition Care Pharmaceuticals - a Melbourne-based global marketer of nutraceuticals and pharmaceuticals.

The Qponics algae farm will integrate a suite of innovative and sustainable technologies developed by Professor Peer Schenk and his research team at the University of Queensland.

The site will produce a safe, natural and vegetarian-friendly source of DHA² and EPA omega-3 oils.

"Studies indicate that most of the world's population is deficient in these essential fatty acids, which contributes to a wide spectrum of health disorders," says Schnek.

It is expected the construction of the farm will commence this year on a near-urban site in South East Queensland.

Initially it will be a 1ha farm before scaling it up to a 10ha farm in 2017.

Main picture L-R: Professor Schenk and Doctor Barnett

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Four ways businesses can use artificial intelligence to triumph in 2022
Partner Content
The last two years have delivered major disruption to the technology industry and broad...
PROS
Advertisement

Related Stories

QLD Premier confirms borders to reopen four days early

QLD Premier confirms borders to reopen four days early

With Queensland health authorities expecting the 80 per cent double...

Cyber weekend sales make November the biggest month in Australian online shopping history

Cyber weekend sales make November the biggest month in Australian online shopping history

November was the biggest month in Australian online shopping histor...

Aussie Broadband launches $344m bid for Over The Wire

Aussie Broadband launches $344m bid for Over The Wire

One of Brisbane’s Top Companies Over The Wire (ASX: OTW) has ...

Afterpay postpones vote on takeover as Square takes on a new name

Afterpay postpones vote on takeover as Square takes on a new name

Delays from the Bank of Spain in approving a multi-billion takeover...