Alga from the Arctic: A new avenue for commercial Carbon Capture Utilization? Developing a market strategy based on innovation and commercialization potential

Abstract

This thesis is based on an ongoing project at UiT – the Arctic University in Norway. The technology presented is an innovation in mass cultivation of alga originating from the Arctic. Research at UiT and collaboration with Finnfjord AS (smelting plant) has made the technology of mass cultivation possible on an industrial scale. Growing alga is performed inside the smelting plant, and uses waste products, such as CO2 and NOx, as resources in the process of cultivation. The outcome of the cultivation is a highly advantageous ingredient for fish feed. This thesis aims to investigate and evaluate the innovation and connect the innovation to the target market, the Norwegian aquaculture industry. Through literature the market is analysed and evaluated. A strategy for the alga to develop a sustainable business is presented. Data collection revealed that the alga has the potential to penetrate Norwegian aquaculture, and becomes an indispensable element of the value chain. As a conclusion of the thesis, a business plan is presented. This part stands alone, in the sense that this takes on the whole commercial potential and development for the project presented in the previous chapters.