Solix Biosystems shifts business model from biofuels to dietary supplements

FORT COLLINS — Solix Biosystems Inc. in Fort Collins has changed its business model from developing algae-based biofuels to being a supplier of natural ingredients derived from algae to companies in the dietary-supplement and personal-care markets.

The company also announced Thursday that it has changed its name to Solix Algredients Inc., and added a 40-year veteran of the health-food industry to its board of directors.

“The Solix Algredients strategy capitalizes on extensive algae supply chain expertise developed over the last decade,” said Ilya Golubovich, Solix’s chairman and managing and founding partner of I2BF Global Ventures, a major Solix investor. “Solix has an experienced management team, strong and engaged board members, and is well positioned to take advantage of the growing consumer demand for algae-based, natural ingredients.”

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Austin Maguire, Solix Algredients’ chief executive, said industry reaction to Solix Algredients has been positive.

“As we continue to introduce our ingredients, we’ve been pleased that customers recognize the importance of a U.S.-based, quality-focused ingredients supplier with deep algal experience and flexible delivery capabilities,” Maguire said in a prepared statement.

Al Powers, former CEO of NOW Health Group Inc, has joined the board. Powers is also on the boards of the Natural Products Association, the Council for Responsible Nutrition, and the Board for Certification of Nutrition Specialists. He continues to serve on several NOW board committees. Powers was inducted into the New Hope Hall of Legends at Natural Products Expo West in Anaheim, Calif. in 2015 and received the Lifetime Achievement Award from Nutrition Business Journal in 2010.