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Posted: Friday, September 14th, 2012 9:06 AM HST

Cyanotech secures loan for production upgrade

By Ken Hupp - 67AM KPUA News

Kona-based microalgae producer Cyanotech Corporation has secured a $5.5 million long-term loan agreement from Honolulu-based Pacific Rim Bank to make a major investment in its production facility. The loan will finance capital improvements, which include new equipment to process Cyanotech's natural astaxanthin and the addition of new administration and warehouse buildings at its Kona facility. The equipment will allow Cyanotech to complete the processing of astaxanthin in house. The extraction process currently is done on the mainland.