The announcement comes after Algae.Tec yesterday received approval to develop their algae production system on a commercial scale after receiving confirmation the technology involved worked to an industrial level.
The approval paves way for a dedicated production facility at South Nowra creating upwards of 100 full time positions over the coming four year period.
Mayor, Joanna Gash said the Nowra production facility would focus on the production of nutraceuticals, dietary supplements supporting physical and mental health.
“I am extremely pleased to see an innovative global company such as Algae.Tec undertaking an $80 million expansion of their Nowra facilities,” said Clr Gash.
“The injection of a further 100 full time positions over the coming four year period will provide a massive shot in the arm for the local area and further diversity our growing local economy.
“Today’s announcement is a further example of a growing confidence in the area for major investors and fantastic news for Shoalhaven City.”
Mayor, Gash said Algae.Tec had already entered into a long term lease at an industrial warehouse complex at South Nowra allowing an almost immediate start to production.
Algae.Tec expects to be selling product in mid-2014.