SEAGEM

Project "SEAGEM" data sheet

The following table provides information about the project.

 Partnership

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Map

 Project objective

At Islensk Hollusta Ehf we are leader suppliers of innovative food products from natural Icelandic resources. To continue on this path, we are now embracing a new and ambitious project: SEAGEM, to bring Vertebrata Lanosa, a true gastronomic gem, to worldwide cuisines. This sea vegetable solely lives in North-Atlantic Seas and it is a tiny marine organism from the red algae family with the resemblance of truffle taste. V. lanosa is a very delicate product as factors such as season, location and weather affect the flavour. If the conditions needed to create, process and preserve the most desirable variety were identified, they could be cultivated for use in the food industry, and this is what we have achieved. SEAGEM project we will develop the production process that will allow us to scale up the business and reach the wide market. The European market for sea vegetables was estimated to be €30 million at wholesale value in 2016 with a grow rate of 7-10% per year. However, although Europe has plenty of resources, only a quarter of the sea vegetable market is supplied by European producers. We count among our current customers with the two-Michelin-star restaurant Noma in Denmark, and other restaurants in Scandinavia, London and New York. Also, since last year we are supported by the Finnish company Oy Baltic Truffle Ab, the General Importer of Truffoir Ltd.’s truffle Products in the Nordic and Baltic Countries. We will sell directly to our customers and through establish specialized food distributors, maintaining a minimum of 20% profit margin. With the support of key partners such as Icelandic and Finnish universities, specialized laboratory and food marketing and distribution expert, we aim to become the biggest supplier of unique Icelandic V. Lanosa in Europe and worldwide, reaching revenues of €6M by 2023, supporting also a sustainable and commercially valuable rural Icelandic industry.