Sea6 Energy's sea combine harvester for red seaweed Sea6 Energy will complete its Series-B transaction valued at $18.5 million

India - Aqua-Spark and chemicals giant partner to invest in seaweed firm

Germany’s BASF Venture Capital has partnered with aquaculture-focused investment fund Aqua-Spark to back seaweed innovator Sea6 Energy in its Series-B round.

BASF Venture Capital is the corporate venture arm of the leading chemical firm BASF SE. BASF has joined forces with Aqua-Spark* to invest in Sea6 Energy’s Series-B round. Sea6 Energy was founded in 2010 and is based in Bangalore, India. The company specialises in producing and processing tropical red seaweed. Other existing investors include Tata Capital Innovations Fund. With this investment, Sea6 Energy will complete its Series-B transaction of $18.5 million in total.

Red seaweed grows mainly in tropical waters in Asia, which have constant, high temperatures conducive to year-round growth of seaweed. Biomass from the fast-growing red seaweed is suitable as a raw material for a variety of applications like animal feed and fertiliser. It can also be used as a gelling agent in the food industry or as an ingredient in cosmetics. Though seaweed cultivation is expanding in Asia and Europe, it has been difficult for seaweed producers to achieve economies of scale. Commercial offshore cultivation on a large scale is complex and the technical systems must withstand adverse weather conditions, such as storms and waves.

Sea6 Energy has adapted its cultivation technology to operate in deeper water and to withstand these difficult weather events. Its technology covers both parts of the value chain with its integrated business model. The firm uses satellite imagery to identify the right locations with the right conditions for its farms. Under suitable conditions, Sea6 Energy can achieve at least six harvests per year.

“Sea6 has made great progress over the past year, and we are excited to continue to support the company. We believe Sea6’s seaweed cultivation technology is a real game-changer in the industry, making a variety of applications of red seaweed possible on a commercial scale,” said Aqua-Spark managing partners Mike Velings and Amy Novogratz. Aqua-Spark has been an investor in Sea6 Energy since June 2021.

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