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Microalgae facility at the geothermal park of ON Power’s Hellisheidi Geothermal Power Plant.

Algaennovation Iceland has opened a small algae factory in Hellisheidi.

Algaennovation opened its algae factory in the Geothermal Park of Orka

It is estimated that in five years, the factory's annual revenue will be around 70 million dollars

Iceland can become one of the most important food producers in the world

Algaennovation's goal is to offer a new protein source that’s useful for human consumption.

Recently, a new algae factory opened in Hellisheiði. The aim is for production to reach 1,000 tonnes per year within a few years.

Algaennovation believes the company has one possible key to solving the food problem.