The Government of the Azores recognised the strategic interest to the Region regarding the investment project for the production of microalgae, antioxidant supplements and the construction of a unit for the removal of microalgae and cyanobacteria from eutrophic water bodies. This project represents a global investment of 4.2 million Euros and will be implemented by the company Algicel Indústria in the municipality of Lagoa.

The joint order of the Vice-President and the Regional Secretary for Natural Resources, published in the Official Journal today, considers that the project is part of the regional development strategy embodied in the Programme of the XI Regional Government of the Azores regarding the revitalisation of the production of tradable goods to increase the Region's export capacity.

This investment, which estimates the creation of 12 jobs, is an innovative project in the regional business sector that puts into practice the results of a scientific research jointly conducted by the company Algicel - Biotecnologia e Investigação and the University of the Azores between 2007 and 2011. The research focused on technological development in the context of biotechnology and natural resource management.

Goods produced under this project have added value and are mainly targeted for export. They should also represent the brand as well as the environmental sustainability of the Azores.

Although this project does not reach the minimum amount of five million Euros required for being considered as Project of Regional Interest, the joint order signed by Sérgio Ávila and Luís Neto Viveiros reminds that projects with an investment below the minimum limit may be recognised as such as long as they include a significant technological, research and development component, applied innovation or environmental concerns.