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INVESTOR PRESENTATION · 2026

Catalysing Europe'sregenerative seaweedindustry.

Biotech. Existing markets. Norwegian.

02 / SEANNOVATION

SEAnnovation at a glance.

Cultivated seaweed. Customer-specific ingredients. Established markets.

We are a biotech company that buys cultivated seaweed, extracts valuable polymers and tailors them to industrial customers’ specifications.

OUR TARGET INDUSTRIES

  • Biomaterials & biodegradable plastics
  • Pharma
  • Cosmetics
  • Food ingredients
  • Dietary supplements
Stainless steel process piping with a solenoid valve in the production line
Cultivated biomassIndustrial ingredients

03 / SEANNOVATION

The bold vision.

How big is the market? As big as the ocean.

Today0.8%

of global seaweed is produced in Europe

THE OCEAN
The ocean economy€2.2T

in goods and services every year (WWF) — and we farm almost none of it

Horizon 1 · 2027–2029Cultivated sugar kelp → alginate

One species · five fractions · a beachhead Europe already pays for: it buys 36% of global alginate demand and relies on Asian imports. Credible, specific, delivery-focused — the first market that funds everything after. SEAnnovation is the missing downstream capacity.

04 / SEANNOVATION

One cultivated input. Multi-product output.

A regenerative, minimal-chemistry biorefinery for Europe.

≈100%biomass
utilisation target
CultivatedRegenerative sourcing
Multi-productAim to sell every fraction
Minimal chemistryCleaner production
Spec-definedTailored per customer

We turn cultivated seaweed into refined, customer-specific ingredients — the bridge between farmers and industrial buyers.

05 / SEANNOVATION

Where we catalyse — our position in the value chain.

Part 1 of 2 · We operate in Stages 5–6 and catalyse the full chain.

SEANNOVATION
01Hatchery
02Infra­structure
03Farming
04Stabilization
05Processing / refining
06B2B sales
07Product dev. & formul­ations
08B2B/B2C sales

Without market demand, cultivators cannot scale. Without cultivation volume, downstream customers cannot commit. SEAnnovation unlocks the whole value chain.

06 / SEANNOVATION

How we catalyse — unlocking the volume Europe needs.

Part 2 of 2 · Low volume and high prices currently hold the value chain back.

TODAY

Volume and price hold each other down
01Low volumes
02High prices
03Buyers hesitate
04Farming stays small
We work the whole value chain

Contracted offtake and in-house processing give farmers certainty to scale production.

Multi-product economics

Cellulose and co-products absorb cost, so growth does not only depend on premium alginate pricing.

Spec-defined demand

Exact-spec alginate opens industrial buyers who purchase at volume.

SEAnnovation catalyses the value chain: offtake gives farmers certainty, multi-product economics absorb cost, and spec-defined demand brings industrial buyers.

07 / SEANNOVATION

We make functional ingredients.

Alginate, cellulose, fucoidan and AlgiCel — functional ingredients that do the work in the customer’s product and process.

01Priority

Alginate

Films · coatings · bioplastics · cosmetics · pharma

02Second stream

Cellulose

Barrier layers · composites · membranes

03Growing

Fucoidan

Nutraceutical · cosmetic · bioactive applications

04Customer-tailored

AlgiCel

Alginate–cellulose blend · first sale May 2025

Controlled in productionM/G ratioMolecular weightViscosityPurity

Primary feedstocks: Saccharina latissima (sugar kelp) and Alaria esculenta (winged kelp). The financial model uses sugar-kelp assumptions.

08 / SEANNOVATION

Europe is the largest market — and the pipeline is real.

€141MEuropean alginate market 2026Growing to €188M by 2034
36.4%Europe’s global demand share
8.4%Pharma-grade CAGR 2026–34

COMMERCIAL TRACTION

01 · Contracted / deliveredAgoprene · first commercial delivery
Toraphene · signed LOI and joint EU application
ReTyre · joint NFR grant application
02 · Active dialogueIKEA / Inter IKEA · materials innovation
Zinzino · European fucoidan
Notpla · NDA signed
03 · PipelineSulapac · Paptic · BEWI · Mercel · Manatee Biomaterials

Only verified relationship stages are shown. Cold prospects are excluded until first contact.

09 / SEANNOVATION

Regulatory tailwinds: an accelerator, not a dependency.

Our business does not depend on these rules — when they take effect, regenerative ingredients become the market standard.

PPWR

EU Packaging & Packaging Waste Regulation

Mandates bio-based and recyclable packaging materials.

CSRD

EU Corporate Sustainability Reporting Directive

Forces Scope 3 disclosure — we deliver audit-ready LCA/EPD data.

CBAM

EU Carbon Border Adjustment Mechanism

Makes Asian alginate imports progressively more expensive.

EU Blue Bioeconomy

European value-chain development

Political will and funding for European seaweed processing.

Norwegian Public Procurement

40 % sustainability weighting in tenders

Direct advantage for ESG-documented Norwegian supply.

When any of these tighten, SEAnnovation's regenerative model becomes the preferred choice — not the alternative.

10 / SEANNOVATION

A legacy industry cannot meet tomorrow’s demand.

Norway already has an alginate industry. Ours is cultivated, cleaner, and complete.

Roquette N&H Norwayformerly IFF / FMC BioPolymerSEAnnovation
SourcingWild-harvested Laminaria hyperboreaCultivated seaweed
ModelExtractive — removes biomass from the ecosystemRegenerative — cultivation supports stronger blue ecosystems
ScalabilityQuota-capped by regulatorsScales with cultivation partners
ChemistryIncludes formaldehyde and other toxic chemicalsMinimal-chemistry process
Waste80 %+ of biomass discardedTarget: 0 % discarded
ProductsAlginate + fucoidanAlginate + cellulose + fucoidan + AlgiCel
AlignmentLegacy operations, costly to changeBuilt around EU regulatory direction (CSRD, CBAM, PPWR) from day one

Europe’s largest alginate market remains dependent on Asian supply.

11 / SEANNOVATION

The biomass is available before the market sees it.

Farmers are waiting for buyers. The investments are made — farmers own the licences and the equipment, ready to scale volumes well beyond today’s harvest.

2027 · BRIDGE SUPPLY

340–460 t
Ocean Rainforest100–200 t
Seaweed Solutions20–40 t
Óir na Farraige20 t
Lerøy 50 t
Nordic SeaFarm · existing stock150 t

2028 · BASE SUPPLY

650 t
Ocean Rainforest300 t
Seaweed Solutions200 t
Óir na Farraige · Ireland150 t
Lerøy
optional

2029 · EXPANSION

Next wave
Sjótæknipostponed to 2029

Capacity is added as customer demand converts.

We do not just buy biomass — we build the demand infrastructure that lets European cultivation scale.

12 / SEANNOVATION

Operating model, team & automation.

Set production assumptions, choose the team and explore automation.

2028 market mix

LIVE OUTPUT · 2028

€0.9Mrevenue
€0.56per wet kg
€-2.1MEBITDA
-96%Alginate margin-415%Cellulose margin

Indicative shared-process product margins.

EBITDA SENSITIVITY · +10% INPUT · 2028

Wet seaweed price€-0.2M
Alginate prices+€0.1M
Alginate yield+€0.1M
Wet seaweed volume€-0.1M
Cellulose yield+€0.0M

CAPEX · HUMANOID AUTOMATION

Tesla Optimus

Exploratory option — not a dependency. The base-case P&L works with human-only operations; staged robots can later support repetitive handling.

Operating cost per robotService, parts, energy and software€4,3002 robots · €8,600 per year in operating costs
Selected annual team and automation cost€78,600Personnel €70,000 · robot operating costs €8,600 — included in the live output

Production, team and automation choices flow into the P&L on the next slide.

13 / SEANNOVATION

The economics improve with scale and yield.

Live output from the production, team and automation choices you set on the operating model slide.

€M202820292030
Revenue0.92.95.7
Variable costs2.34.75.9
Contribution-1.4-1.9-0.2
Personnel costs0.60.60.9
Other operating costs0.10.20.2
Robot operating costs0.00.00.0
EBITDA-2.1-2.7-1.2
Depreciation0.10.10.2
Finance costs0.00.20.2
Pre-tax result-2.2-3.0-1.7
0
€0.9M€-2.1M
2028
€2.9M€-2.7M
2029
€5.7M€-1.2M
2030
Revenue EBITDA

Base inputs reproduce the supplied revenue and variable-cost model. Team choices and illustrative financing are layered on top.

14 / SEANNOVATION

The operating system is part of the moat.

We build ERP, CRM and SCADA ourselves. The systems run as one platform — from customer requirements and recipe to production, quality and traceability.

LIVE TODAY

Proprietary ERP + CRM

One operating layer for customers, sales, inventory, production planning, traceability and process recipes.

IN DEVELOPMENT

SCADA process control

SCADA-based automation of the complete production line — from raw biomass to repeatable, spec-defined output.

The same system, recipes and process control are reused at every site — so modular biorefineries can be built and run cheaper and more efficiently around the world.

Customer specificationRecipeProductionQuality dataRepeatable output

15 / SEANNOVATION

Modular capacity. One anchor. A European route to scale.

Thorøya offers 14,000 m² of industrial-zoned expansion potential and a deep-water quay — then modular capacity can move closer to cultivation.

2028

1production line
1,680 t / year

2029

3production lines
4,420 t / year

2030

4production lines
7,935 t / year

2030+ · DISTRIBUTED

European modular units
ThorøyaFaroe IslandsIrelandNL / Belgium
Near cultivation sites

Scaling follows the budget's base case: one line per 2,000 t/year — €0.5M capex per line, depreciated over 8 years, with one production employee per line.

2023–26
Foundation2027
Commercialisation2028–30
Scale-up2030+
European catalyst

16 / SEANNOVATION

One primary path. Two alternatives.

Revenue plus working capital is the base case — the alternatives are ready if conversion or yield slips.

Base case

Revenue + working capital

Operations are covered by revenue. A facility finances seasonal kelp purchases — so no new equity is needed while the plan holds.

If yield and offtake stay on track → revenue + working capital
Share of 2028 seaweed purchases covered
100%
Annual interest from 2029€0.2M
Equity need avoided€2.6M
2030 pre-tax result with this facility€-1.7M
Alternative · 01

New equity round

Raise fresh equity to fund operating runway and biomass purchases.

If commercial conversion is slower than planned → equity
Alternative · 02

Patient-capital hybrid

A smaller equity round plus debt supports a dividend-driven cash-flow profile — without a fixed VC exit horizon.

If ownership horizon matters more than exit speed → patient capital

Illustrative scenario, not a financing offer. Facility availability and terms remain subject to lender assessment.

17 / SEANNOVATION

The team.

Founders, operators and specialists building the biorefinery.

Kristoffer Singstad
Co-founder & CEO

Kristoffer Singstad

Serial entrepreneur, Sunday Power AS exit, Lovable builder and operating-system architect.

LinkedIn ↗
Anders W. B. Skilbred
Co-founder & Chairman of the Board

Anders W. B. Skilbred

PhD Chemistry, 13+ years in industry and R&D. Former R&D Chief at Jotun; Sunday Power AS exit.

LinkedIn ↗
Niklas Carlson
Chief Commercial Officer

Niklas Carlson

Four years as Sales Director at Nordic SeaFarm; former H&M Sales Director Spain & Portugal.

LinkedIn ↗
Ingrid Maribu
Head of Product & R&D

Ingrid Maribu

PhD Marine Biotechnology with Nofima heritage and formaldehyde-free process expertise.

LinkedIn ↗
Gjermund Myrvang
CFO

Gjermund Myrvang

Long experience with financial management across multiple companies.

LinkedIn ↗
Per Christian Holm
Head of Production

Per Christian Holm

Built Den Stolte Hane to €26M revenue; expert in commercial production scale-up.

LinkedIn ↗
Anders Homleid
OPERATIONS DEVELOPMENT MANAGER

Anders Homleid

Operations and business development leader driving the Seaspectra platform build.

LinkedIn ↗

18 / SEANNOVATION

How we got here.

Grants, committed owners and industry backers have funded every step since 2023.

2023

Established

  • SEAnnovation established

2024

Full-time founders

  • Friends, fools & family round — €91k
  • Innovation Norway grant — €68k
  • 2 full-time employees

2025

Industrial backing

  • EU grant (Lithuania) — €1.2M
  • Equity round — €782k from experienced Norwegian industrial owners and company founders
  • 3.5 full-time employees

2026

Team and funding build

  • Equity round — €409k
  • Innovation Norway grant — €655k
  • Research Council of Norway grant — €190k
  • 4.9 full-time employees

R&D scale-up

2023Lab benchMillilitres in test tubes
2024Garage10-litre buckets
2025Old warehouse1,000-litre tanks
Dec 2026Production lineFull line in a repurposed facility

€3.4M secured since 2023 — €1.28M from investors and €2.1M in competitive grants — before Round 4.

19 / SEANNOVATION

Roadmap.

From first commercial sales to becoming a European catalyst.

2023–26

Foundation

  • Company founded 2023
  • Learned from a decade of industry mistakes
  • Clear value-chain focus from day 1
  • Team, IP and pilot process built

2026

Preparation

  • Continuous production from Lerøy stock
  • Samples to key prospects
  • LCA / EPD documentation in place
  • Full-season spec characterisation

2027

Commercialisation

  • Sandefjord full-scale production (Q1)
  • First recurring revenue
  • Round 4 raised for scale-up
  • IKEA and Toraphene pilots to contracts

2028

Scale-up

  • Production scaled to customer base
  • Diversified sourcing framework
  • Pharma & specialty grades added
  • Fucoidan commercialised

2030+

Catalyst

  • A leading commercial catalyst in Europe’s seaweed chain
  • Multi-product supplier across established verticals
  • Distributed capacity near cultivation sites

20 / SEANNOVATION

Ask us anything.

AI-assisted answers grounded in this pitch and the assumptions you have set in the deck.

Part 2

Appendix

Beyond alginate — the long-term platform vision and supporting material.

A1 / SEANNOVATION

Tomorrow's European marine bioeconomy.

The processing infrastructure we build for alginate scales to every polymer in the ocean.

Horizon 1 · 2027–2029

Cultivated sugar kelp

1 species · 5 fractions · €141M alginate anchor

Alginate · Iα-cellulose · Fucoidan · Laminarin · Mannitol

Horizon 2 · 2029–2032

Multi-species specialty platform

4+ species · 15+ fractions · multi-€ billion addressable

Add Alaria · Palmaria · Ulva → phlorotannins · agar · ulvan · peptides · pigments. Each new species opens three new markets.

Horizon 3 · 2032+

Marine bioeconomy infrastructure

Distributed modular processing near cultivation sites

Pharma & medical device (€500–3 000/kg) · cosmetics marine actives · bio-based materials · food & functional ingredients.

Short-term discipline, long-term ambition. The infrastructure is the moat — species and products scale through it as technology, demand and regulation mature.

A2 / SEANNOVATION

Certified quality. Certified environment.

During winter 2026/27 we will be certified to ISO 9001 and ISO 14001 — ready for industrial buyers from the first recurring delivery.

ISO 9001

Quality management

  • Documented, repeatable production
  • Traceable batches and specifications
  • Supplier qualification for industrial customers

ISO 14001

Environmental management

  • Systematic control of environmental impact
  • Supports LCA / EPD documentation
  • Aligned with CSRD reporting needs of customers

Target: both certifications in place during winter 2026/27.

24 / SEANNOVATION

Operating model · test copy.

Independent assumptions · original forecast unchanged.

Custom
Wet seaweed processed
Wet seaweed price

Auto: 2028 1 line · 2029 3 lines · 2030 4 lines — 1 line per 2,000 t, €0.5M capex (8-yr depreciation) and 1 operator (€70k) per line.

Market mixAll years
0
€1.2M€-1.9M
2028
€3.1M€-2.6M
2029
€5.6M€-1.6M
2030
Revenue EBITDA

Live output

2028€1.2Mrevenue€0.70per wet kg€-1.9MEBITDA-57%alginate-383%cellulose
2029€3.1Mrevenue€0.70per wet kg€-2.6MEBITDA-20%alginate-272%cellulose
2030€5.6Mrevenue€0.70per wet kg€-1.6MEBITDA17%alginate-157%cellulose

Indicative shared-process product margins.

EBITDA SENSITIVITY · +10% INPUT · 2030

Wet seaweed price€-0.6M
Alginate prices+€0.5M
Alginate yield+€0.5M
Wet seaweed volume€-0.1M
Cellulose yield+€0.1M

Budget table on the next slide · test scenario only.

25 / SEANNOVATION

Budget · test copy.

Follows the settings on the previous slide.

€M202820292030
Revenue1.23.15.6
Variable costs2.34.75.9
Contribution-1.2-1.6-0.3
Personnel costs0.60.81.1
Other operating costs0.10.20.2
Tesla Optimus · operating cost0.00.00.0
EBITDA-1.9-2.6-1.6
Depreciation (lines + Optimus)0.10.20.3
Finance costs0.00.20.2
Pre-tax result-2.0-3.0-2.1
Production lines (installed)134
Line capex (€M)0.51.00.5

Test scenario only — the original model and P&L remain unchanged.