Corbion NV announced on 29 September that it had completed its acquisition of all the assets of TerraVia Holdings for approximately US$20M.

“TerraVia brings us a versatile microalgae-based platform which will enable us to expand into the field of producing speciality lipids and proteins, structured fats and tailored oils,” said Corbion CEO Tjerk de Ruiter.

TerraVia voluntarily filed for bankruptcy on 2 August and its operations are currently loss making.

“Corbion’s more than 80 years of economically running industrial-scale fermentation plants and producing sustainable ingredient solutions will help us turn the TerraVia assets into profitable businesses in the coming years,” de Ruiter said.

TerraVia, formerly known as Solazyme, has proprietary algae-based sugar-to-oil technology targeting food, nutrition and speciality ingredients, as well as personal care and industrial applications.

It owns the AlgaPur range of personal care oils and the AlgaWise and Thrive algae oils and butters. It also produces an algae-based docosahexaenoic (DHA) ingredient that can replace fish oil in acqua feed, which it launched in partnership with Bunge in May 2016.

TerraVia operates an R&D centre and pilot facility in San Francisco, a demonstration plant in Peoria, Illinois, and an industrial scale plant in Brazil in its joint venture with Bunge.

Amsterdam-based Corbion is a global market leader in lactic acid and lactic acid derivatives, and a leading company in emulsifiers, functional enzyme blends, minerals and vitamins for applications in food, home and personal care, pharmaceuticals, medical devices and bioplastics.

In 2016, Corbion generated annual sales of €911.3M.

Corbion’s purchase of TerraVia also included the AlgaPrimeDHA, a sustainable omega 3-rich algae ingredient, which won the 2017 Global Aquaculture Innovation Award from the Global Agriculture Alliance on 5 October.

Walt Rakitsky, emerging business and corporate account leader at Corbion, said in a statement AlgaPrimeDHA was a “new sustainable and transparent source of long-chain omega 3 DHA” that could responsibly enhance the nutritional value of seafood.