Website, cosmeticsdesign.com reports that New Zealand-based Industrial Research Ltd (IRL) has formed a partnership with Fomana Capital Ltd to develop high-value cosmeceutical and nutraceutical products from waste.
Under the agreement, Fomana Capital, the investment arm of the Federation of Maori Authorities (FOMA), will provide capital and raw materials and IRL will provide the processing expertise.
Using Crown Research Institute’s science and engineering facilities, the companies will begin working together to develop fish oil products rich in omega-3 fatty acids, which are expected to be on the market before 2010.
“We have been looking for an opportunity to develop new natural products enriched in omega-3 fatty acids for a long time,” said Owen Catchpole, IRL Integrated Bioactive Technology Group Manager. “We believe that there are opportunities for the development of new products with a wider range of health benefits compared to what is currently available.”
The agreement should help Fomana get better returns for FOMA members, who hold significant interests in horticulture, seafood, aquaculture and sheep and beef farming in New Zealand.
Once the fish oil project is established, IRL and Fomana intend to move into other high value products derived from natural materials.