MýSköpun

MýSköpun ehf. is a biotechnology firm situated in the geothermal region of Lake Mývatn in North-East Iceland, focused on the cultivation and commercialization of microalgae. The company was established in 2013 by Professor Hjörleifur Einarsson with backing from the local community. The initial objective was to research and identify native microalgae species within the geologically distinct Lake Mývatn.

By 2018, this research successfully isolated two commercially viable strains: Spirulina (Arthrospira Platensis) and Chlorella (Chlorella Vulgaris). A significant milestone was achieved in 2022 when MýSköpun secured a license for the production of its spirulina for human consumption, following a period of optimizing cultivation conditions. The company's operations are housed at Landsvirkjun's facility in Bjarnarflag, leveraging the area's sustainable geothermal energy for its processes. This location provides access to clean Icelandic water and affordable energy, enabling consistent, year-round production in a controlled indoor environment.

The company's core business revolves around producing high-nutritional-value spirulina and chlorella. These microalgae are cultivated in closed-tube photobioreactors, a method that allows for precise control over growing parameters to maximize quality. The final product, a powder supplement containing 60-70% protein along with a full profile of amino acids, minerals, and antioxidants, is positioned as a superfood. The business model targets several markets, including food supplements, functional food ingredients, aquaculture feed, and potentially the pharmaceutical industry. Revenue generation is predicated on the sale of these microalgae products.

Initially funded primarily through research grants, MýSköpun secured a significant capital increase of $700,000 (100 million ISK) in 2023. This funding round was led by the New Business Venture Fund (Kría) and included participation from local investors, which will finance the scaling of its initial production facility. The immediate goal is to establish small-scale production, guarantee product quality, and develop sales channels before undertaking a larger expansion. The long-term ambition is to construct a large-scale facility capable of producing approximately 100 tons of algae annually.

Keywords: microalgae cultivation, spirulina production, chlorella vulgaris, Icelandic biotech, geothermal energy, sustainable food source, food supplement, aquaculture feed, Arthrospira Platensis, Hjörleifur Einarsson, Lake Mývatn, photobioreactors, alternative protein, nutritional ingredients, food technology, carbon neutral, New Business Venture Fund, Kría, circular economy, superfood