Sargas Ltd. completes first funding round
Sargas Ltd., a Grenadian company converting sargassum to renewable energy and fertilizer, completes its first round of funding for an undisclosed sum.
Sargassum is a major challenge for the Atlantic coasts of many Caribbean island and coastal nations. Miami Dade County is said to spend millions cleaning up sargassum from beaches and similar amounts are spent in tourism hotspots in Mexico. This is also a major cost for island nations.
Market Hill Inc. is providing the start-up capital which will enable the company to get its pilot project operational.
Sargas CEO, Benjamin Nestorovic, said, "We are delighted with this investment from Market Hill Inc. This provides much needed capital to establish the pilot program which follows-on from the proof-of-concept stage."
Sargas has been operating on an informal basis in Grenada since 2022. As part of a set of arrangements with KTH (Royal Institute of Technology in Stockholm), engineering students have been coming to Grenada to carry out tests on sargassum digestion in concert with True Blue Bay Boutique Resort in the south of Grenada. The initial findings have been "encouraging" in terms of fertilizer efficacy and safety and biogas production.
The pilot project will continue to utilize students from KTH while establishing a new facility in the east of Grenada where the majority of seasonal sargassum accumulates. The company is working on partnerships to ensure adequate feedstock and offtake of electricity and fertilizer. Plans are also afoot to get more Grenadian students involved.
Azuros will play a role in monitoring the investment and providing timely data on progress to Market Hill and future investors.