Genosa gets government backing for growth
government backing for its novel function food ingredients, which
look set to boost the olive oil sector as it copes with changes to
EU funding.
Genosa was one of six out of around 550 companies awarded for its potential by the Andalucian government.
The firm has already gained a grant of €300,000 from the local authorities but says the new award guarantees strong financial support for ongoing projects.
"We will probably need a major capacity expansion in around two to three years," said Genosa president Carlos Pena.
The firm currently markets two patented products: Actiolio Mediterráneo (a functional oil incorporating virgin olive oil, omega-3 fatty acids and other vegetable oils enriched with natural vegetable antioxidants) and Hytolive hydroxytyrosol, a bioactive compound derived from olives.
"This award shows that hydroxytyrosol has an enormous future," added Pena.
Both olive oil and omega-3 fatty acids can be supported by health claims in the US.
