Mara move to buoy Thai Union’s ingredients arm

SET-listed Thai Union Group, a global seafood company, has invested 269 million baht (C$10 million) in Canadian biotechnology and micro-algae ingredients firm Mara Renewables Corporation (Mara).

The move aims to strengthen Thai Union’s ingredients business.

The firm will get to appoint one representative to join Mara’s board of directors and be part of Mara’s C$39.5 million growth funding round.

Mara has built a portfolio of microalgal strains, some of which are processed using environmentally-friendly extraction methods into high-quality algal oil.

The plant-based oil offers a nonGMO vegan option for DHA-rich omega-3 fatty acids for human nutrition. The ingredients are also approved by multiple respected regulatory bodies, and are used by leading infant nutrition, supplement and food and beverage customers worldwide.

Thai Union said its commitment to sustainable nutrition aligns closely with Mara’s mission as Thai Union started its ingredients business in 2018 to transform its co-products from fish processing into natural ingredients for human nutrition.

The firm creates the highest quality tuna oil by processing raw tuna heads through a low-temperature extraction method that preserves the oil’s natural functionality.

Thiraphong Chansiri, president and chief executive of Thai Union, said that together with Mara, Thai Union will be able to create more choices in the market for omega-3 fatty acids while expanding the reach of this critical nutritional element from both algal and tuna-based sources.

“Our strategic partnership with Mara further builds on this business by creating opportunities to jointly expand our product portfolios, grow our global presence, and accelerate go-to-market initiatives. We’re excited to partner with Mara and together provide nutritious and sustainably sourced DHA omega-3 fatty acids to consumers worldwide.”

The investment creates opportunities for both companies to accelerate growth through cooperation in go-tomarket, research and development and operations.

For example, Mara is exploring refining its crude algal oil at Thai Union’s state-of-the-art oil refinery in Rostock, Germany. Thai Union has also already been cooperating with Mara in Thai Union’s Omega-3 Center of Excellence at its headquarters in Samut Sakhon by performing successful trials using Mara’s crude algal oil.