SAN DIEGO and KAILUA-KONA, Hawaii, Nov. 3, 2016 /PRNewswire/ -- Cellana, Inc., a leading developer of algae-based products for sustainable nutrition and energy applications, and PIVEG, Inc., a leader in high-specification ingredients for the nutraceutical, pharmaceutical, agricultural, food and beverage, feed, and cosmetics industries, announced that they have signed a letter of intent for the joint development and commercialization of Omega-3 oils and other high-value applications from algae biomass. Currently, Cellana produces industrial-scale quantities of ReNew™ Algae — high-value algae biomass rich in Omega-3 nutritional oils, proteins, fuel-grade oils, cosmetic-grade oils, acids, and polysaccharides, as well as other valuable micronutrients — at its Kona Demonstration Facility in Hawaii. With facilities in Mexico, Peru, and the United States, PIVEG currently produces and sells a variety of high-value pigments and other products derived from diverse natural sources, including marigold, chili peppers, and algae. Initially, Cellana will supply PIVEG with material from its Kona Demonstration Facility, and PIVEG will use its existing processing equipment and facilities in Central Mexico while the parties explore the development of larger-scale commercial algae biomass production facilities in Hawaii and Mexico. Financial terms of the agreement were not disclosed. "PIVEG's extensive experience in processing agricultural feedstocks to produce and bring to market high-value products makes them the ideal partner to work with Cellana to rapidly commercialize material from our algae feedstocks," stated Martin Sabarsky, Cellana's chief executive officer. "Additionally they bring world-class quality systems, which will allow us to bring to market our products with confidence," continued Mr. Sabarsky. "We are extremely impressed with PIVEG's people and capabilities, and they are an ideal partner to grow the algae industry," he added. "Cellana is a leader in growing diverse algae outdoors using sunlight, and our ability to process Cellana's algae biomass using our existing equipment and facilities allows us to expand our current portfolio and rapidly introduce additional algae-based products," said Roberto Espinoza, PIVEG's chief executive officer. "We have spent several years exploring the idea of an expansion and additional algae biomass sources and are pleased to partner with Cellana in this endeavor." About Cellana Cellana, a leading developer of algae-based bioproducts, uses the most productive plants on earth — marine microalgae — to photosynthetically produce its ReNew™ line of Omega-3 EPA and DHA oils, animal feed/food, and biofuel feedstocks. Cellana's patented ALDUO™ system enables economic, sustainable and consistent production of photosynthetic, non-GMO algae at industrial scale. Cellana intends to construct and operate commercial facilities to produce these products as integrated algae-based biorefineries. Further information is available at: www.cellana.com. About PIVEG PIVEG, Inc. is a global manufacturer of high-specification ingredients for the nutraceutical, pharmaceutical, agricultural, food and beverage, feed, and cosmetics industries. Since the inception of its business in 1959, PIVEG has specialized in the production, extraction, purification, and manufacturing of naturally-occurring carotenoids, including lutein, zeaxanthin, and astaxanthin. Within the algae-based products space, PIVEG already offers AstaMarine ® -natural Astaxanthin from the microalgae Haematococcus pluvialis in a variety of different forms. Further information is available at: www.piveg.com Note: ALDUO™ and ReNew™ are trademarks of Cellana, Inc. AstaMarine ® is a trademark of PIVEG, Inc.