VANCOUVER, BC / ACCESS Newswire / July 15, 2026 / Pinnacle Food Group Limited (Nasdaq:PFAI) ("Pinnacle Food" or the "Company"), a technology-driven company operating at the intersection of smart farming and bioengineering, today announced the completion of a key project development milestone and the formal commencement of construction of a commercial-scale microalgae-based astaxanthin production facility for Bei Harvest Ltd. ("Bei Harvest") in British Columbia, Canada.
In April 2026, Pinnacle Food entered into an agreement with Bei Harvest for the phased development and delivery of a turnkey facility designed to support the commercial cultivation of microalgae and the production of astaxanthin. Astaxanthin is a naturally occurring carotenoid used in dietary supplements, functional foods, cosmetics and other applications.
The aggregate revenue for the Company from the project is expected to be approximately US$10 million, subject to the final project scope and execution. Phase I, which encompasses planning and development, is valued at approximately US$4 million, as previously disclosed in the Company's 2025 Annual Report. Phase II, which encompasses construction of the project, is valued at approximately US$6 million.
As the project developer and general contractor, Pinnacle Food is responsible for coordinating the facility's design, engineering, construction and systems integration. The facility is expected to incorporate advanced photobioreactor ("PBR") cultivation systems within a fully enclosed, precision-controlled environment designed for commercial-scale microalgae cultivation. The completion of the applicable planning and design work has enabled the project to transition into on-site construction.
"The transition from technical planning and development to on-site construction represents an important milestone for both Pinnacle Food and Bei Harvest," said Jiulong You, Chief Executive Officer of Pinnacle Food Group Limited. "This project demonstrates our ability to integrate controlled-environment cultivation, engineering and biomanufacturing technologies into commercial infrastructure for the production of high-value biological products."
"This milestone also advances our strategic expansion into biomanufacturing," Mr. You continued. "By applying our experience in precision-controlled growing environments to commercial microalgae cultivation and astaxanthin production, we aim to help our partners establish scalable production capabilities while further developing Pinnacle Food's business-to-business technology and project-delivery platform."
About Pinnacle Food Group Limited
Pinnacle Food Group Limited (Nasdaq: PFAI) is a technology-driven company operating at the intersection of smart farming and bioengineering. Through its "Dual-Engine" strategy, the Company seeks to combine controlled-environment agricultural technologies with precision fermentation, synthetic biology and related engineering capabilities to support the development and commercialization of high-value biological products. For more information, please visit the Company's website at www.pinnaclefoodinc.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. These statements include, but are not limited to, statements regarding the development, construction, installation, commissioning and future operation of the proposed microalgae-based astaxanthin production facility; the anticipated features, capabilities and performance of the facility and its cultivation systems; the timing and completion of Phase I and subsequent stages; the ability of the project to support commercial-scale microalgae cultivation and astaxanthin production; potential demand for astaxanthin and related biological products; and the Company's expansion into biomanufacturing.
Forward-looking statements are based on current expectations, estimates and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Such risks and uncertainties include, among others, construction delays and cost overruns; the availability and timely delivery of equipment and materials; installation and commissioning challenges; the receipt and maintenance of required permits and regulatory approvals; the ability to achieve anticipated cultivation yields, production output and operating performance; counterparty and financing risks; supply chain disruptions; changes in market demand and pricing; and broader economic and industry conditions.
Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Investor and Media Contact
Pinnacle Food Group Limited
Email: ir@pinnaclefoodinc.com
SOURCE: Pinnacle Food Group Limited
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/aerospace-and-defense/pinnacle-food-group-limited-completes-key-development-milestone-and-commences-1191326
