PHYOX PROJECT RECEIVES GRANTS FROM PROOF OF INNOVATIVE CONCEPT PROGRAMME

Thanks to its innovative concept and technology in the production of microalgae intended for the food, pharmaceutical and cosmetic industries, Phyox d.d. received a grant of HRK 500,000 as part of the Proof of Innovative Concept Programme (PoC) awarded by the Ministry of Economy and HAMAG-BICRO.

The funds were awarded for the project "Experimental and Laboratory Validation of the Closed Photobioreactor Upgrade for Microalgae Production", with a total value of HRK 712 thousand, which will test the basic functionalities of the experimental photobioreactor and identify its features in relation to the proof. Confirmation of the new design will result in a reduction of initial investment, that is, a subsequent better commercialization and a cost-effective production of microalgae, based on the improved design of a closed photobioreactor, and thus the creation of new, 100% export-oriented production.

On November 8, 2019, the company director Dražen Breglec signed the grant agreement in Križevci, saying: "With this project, we will confirm the requirements important for the development of production and create preconditions for new products, which we will soon commercialize."

The Proof of Innovative Concept Programme - PoC supports innovation at the earliest stage of research to provide pre-commercial capital for the technical and commercial validation of an innovative concept. “Innovation and new technological solutions are what our ministry has been insisting on in the past, because that is the key to further economic growth. For this very reason, this programme is also important to us, where for eight years in a row, we have supported innovation in its earliest stage of research”, said Minister of Economy, Entrepreneurship and Crafts Darko Horvat when signing the contract.

As part of the PoC's 8th award, 83 innovative projects were selected, for which a grant of HRK 32.6 million was provided.

Furthermore, from 2010 to 2018, HAMAG-BICRO carried out 7 calls for project proposals, in which a total of 276 projects were funded with almost HRK 70 million in grants, with a total project value of around HRK 105 million.