- Solazyme, creator of algae-based ingredients, is undergoing a company overhaul to refocus its operations on food, nutrition, and specialty ingredients.
- The company has renamed itself TerraVia, and its CEO and co-founder Jonathan Wolfson has been appointed chairman of the board of directors. The company is currently looking for a replacement CEO at Wolfson's request so he can focus on strategy and special projects in the consumer space rather than daily operations.
- TerraVia's portfolio is divided into four segments: specialty food ingredients, which includes algae powder and oils used by companies like Hormel, Utz, Mondelez's Enjoy Life, and WhiteWave's So Delicious; consumer food products, including the company's own consumer-facing algae oil; animal nutrition ingredients; and specialty personal care ingredients.
Algae is a new wave in protein ingredients as consumers demand products that are more functional and better for the environment. Growing algae requires fewer resources than grain and produce crops and comes with the added benefits of dietary fiber, healthy fats, and micronutrients while also being vegan-friendly and containing no known allergens.
Solazyme, now TerraVia, identified the potential in this space and is repositioning its portfolio and operations to exclusively derive ingredients and products from algae for food and personal care. These ingredients will serve both other manufacturers and brands and TerraVia's own consumer-facing portfolio, which the company is currently developing. That portfolio will enable TerraVia to not only be a specialty ingredients company but also a CPG company itself with products like Thrive Culinary Algae Oil.