Thai Union Group, the global tuna giant, has announced a CAD $10 million investment in Mara Renewables Corporation, one of the world’s leading producers of sustainably grown algae-based bio-products. The investment comes as part of Mara’s CAD $39.5 million growth funding round, as Thai Union – owner of Chicken of the Sea and John West – continues to diversify in the alt protein sector.
“Our two companies share maritime roots, a passion for science-based nutrition and a vision for a more sustainable food system”
Based in Nova Scotia, Mara has successfully built a portfolio of micro-algal strains that the company claims can be processed using a clean, environmentally-friendly extraction method into high-quality algal oil. These oils – approved by multiple respected regulatory bodies – offer a plant-based solution for DHA-rich omega-3 fatty acids. Thai Union joins other financial partners in the round to accelerate the expansion of Mara’s micro-algal portfolio and the tuna giant will appoint one representative to join Mara’s Board of Directors.
The investment follows the launch of Thai Union’s $9 million Global Innovation Center in Bangkok to create an alt protein future for the multinational company, employing over 100 food scientists and engineers working on alt meat and seafood. The company has also partnered with cultivated companies including US cultivated seafood leader BlueNalu and Israeli cultivated meat pioneer Aleph Farms.
“Mara is very excited to solidify a partnership with Thai Union. Our two companies share maritime roots, a passion for science-based nutrition and a vision for a more sustainable food system. Thai Union’s established world-leading position in human and pet care segments, collaborative culture, and strong leadership fits well with Mara’s ambitions of making a positive impact through our people, products, and purpose,” stated Arturo Ania, CEO of Mara.